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The dollar edged lower in early trading but remained well supported
as investors prepared for a widely expected March rate hike.
In crude oil, it fell slightly in early trading due to the impact of API data released in the morning showing an increase in inventories
.
Most of the metal plates were red overnight, with Shanghai copper rising 1.
04%.
On the one hand, nickel has reached a new high due to supply shortages to drive the overall sector, on the other hand, domestic policy support for stable growth is also the driving force
.
International crude oil futures continued to update more than seven-year highs due to the temporary disruption of the oil pipeline from Iraq to Turkey, and the International Energy Agency (IEA) raised its demand growth forecast for this year, which also contributed to the overall rally of the non-ferrous sector
.
In terms of news, the Ministry of Industry and Information Technology issued a list of copper, aluminum, lead, zinc and magnesium industry standard enterprises (the second batch) and standardized enterprises to be revoked on January 17, including 10 copper enterprises that meet the standard conditions, 27 aluminum enterprises, 12 lead and zinc enterprises, 7 magnesium enterprises, and 1 copper enterprise that does not meet the standard conditions
.
From a fundamental point of view, the plate continues to fluctuate in a narrow range at a high of 70,000 yuan / ton, as the Spring Festival approaches, the downstream without a large number of orders to support, buying interest continues to be suppressed, the market trading initiative began to decline significantly, the sentiment of the holder in the early stage of the sharp rise was suppressed, and the Shanghai copper rose to the bottom of the water; Inventories fell again, most holders were reluctant to ship at low prices, and South China copper rose slightly
.
In terms of inventories, LME stocks rose 0.
43 million tonnes to 09,900 tonnes yesterday, and SHFE warehouse receipts fell 0.
07 million tonnes to 13,100 tonnes
.
Overall, driven by multiple factors, the colored plate drove copper up again
.
