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Copper market afternoon comment: the dollar index rebounded sharply, overnight London copper shock closed down $9, the market hopes to introduce more economic stimulus measures, domestic traditional off-season signs are strengthening, today's copper is not up or down
.
Overnight, London copper once rose sharply to a new high of $7,054, but quickly fell back to close in the clouds, and U.
S.
copper opened
slightly higher today.
The renminbi fell sharply yesterday, and the Shanghai copper opened sharply higher in the night session, rushing back down to close the small black candle, closing at 52100
.
Shanghai copper trading positions are rising, the market has rekindled confidence in copper prices, and the short-term may continue to rise, testing the previous high pressure of 53520
.
Shanghai copper upper pressure 53520, lower support 51000
.
The US election has basically come to an end, and the news of Biden's victory has stimulated market optimism and pushed risk asset prices up
.
However, due to the resurgence of the epidemic in Europe and the United States, the United Kingdom has implemented a secondary lockdown, the number of ADP employment in the United States in October was significantly lower than market expectations, and the number of initial jobless claims rose again in the week, and the employment pressure may further increase in the context of the worsening of the epidemic, and the macroeconomic outlook is not optimistic
.
The general trend of supply-side easing should be certain, in general, Biden's victory short-term or boost market information, driving copper prices upward, but in the context of weak fundamentals, without more benefits, copper prices are difficult to continue to rise
.
