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    Home > Chemicals Industry > New Chemical Materials > May 24 Copper Market Brief Review

    May 24 Copper Market Brief Review

    • Last Update: 2022-12-05
    • Source: Internet
    • Author: User
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    In the morning, the stock market and bond market both weakened, the commodity sector also showed fatigue, the main 1707 contract of Shanghai copper opened at 46040 yuan / ton, copper market bulls lack confidence, continue to close their positions and leave the market, Shanghai copper main force quickly lost the daily moving average, the shock fell back to 45750 yuan / ton
    .
    In the afternoon, the main force of Shanghai copper diving once tested the 20-day moving average, briefly touched 45510 yuan / ton, the bears made up for the low, the main force of Shanghai copper stabilized at 45770 yuan / ton line, and finally closed at 45780 yuan / ton, down 170 yuan / ton
    .

    Copper City

    The trading volume of the main contract increased by 32,000 lots to 231,000 lots, and the position fell by 4,314 lots to 202,000 lots
    .
    The trading volume of the Shanghai Copper Index increased by 76,000 lots to 409,000 lots, and the position increased by 13,000 lots to 582,000 lots
    .
    The bears' willingness to sell short on the 40-day moving average is
    clearer.

    Today, Moody's downgraded China's long-term local currency and foreign currency issuer ratings from Aa3 to A1, the RMB once depreciated sharply during the session, and the current trend is stable, you can pay attention to the RMB trend and the central bank's statement
    in the near future.
    In terms of crude oil, boosted by the news that various oil-producing countries extended production cuts for 9 months, it continued to attack after standing at 51 US dollars / barrel, leading the trend of base metals, and the main force of Shanghai copper continued to be suppressed by the downward trend line, and it is expected that the night session will continue to consolidate
    around the 45,700 yuan / ton line.

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