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Copper market noon: The epidemic raging heightened concerns about the slow economic recovery, overnight London copper shock closed down $76, automobile production and sales increased for seven consecutive months, but copper mine supply is recovering, copper materials are not up or down much today
.
Overnight, Lun copper rushed back down 1% to close at 6885.
5, and U.
S.
copper opened
slightly lower today.
The dollar rose sharply yesterday and the yuan fell, and Shanghai copper opened low overnight, stabilizing at the 5-day moving average to close at 51790
.
Shanghai copper trading positions are declining, and the domestic spot supply is loose, the domestic market tends to be cautious, and the short-term may continue to fluctuate
above 51000.
Shanghai copper upper pressure 53520, lower support 51000
.
The domestic price index continues to decline, reflecting the reality of weaker demand; The optimism brought by the news of Biden's victory overseas and the new progress of the new crown vaccine has declined, and the short-term resurgence of the epidemic in Europe and the United States, the United Kingdom has implemented a second lockdown, the damage to the economy is inevitable, and the macroeconomic recovery needs a new round of large-scale stimulus support
.
On the supply side, the political turmoil in Peru has triggered concerns about the recovery of mining production, and there is also some uncertainty in the Chilean glacier bill, and there may be tightening expectations
on the supply side.
On the demand side, although the domestic automobile boom has not decreased, the overall demand is weak, the market is long and short factors are intertwined, and copper prices still need further news guidance
.
