November 25 Shanghai copper afternoon review

Shanghai copper opened at 47,010 yuan / ton last Friday night and then rose slightly, closing at 47,100 yuan / ton, up 0.
43%.

On Friday night, copper prices fluctuated in a narrow range, mainly because of the repeated information on the international trade situation in recent weeks, which made the market wait-and-see mood intensify, limiting the fluctuation range of copper prices, and the trading volume of both internal and external trading remained low
.

In terms of economic data, the European November series of PMI data was flat overall, the recession in the manufacturing sector spread further to the service sector, and the euro and pound fell sharply; On the other hand, the minutes of the FED meeting reinforced the expectation of a moratorium on interest rate cuts, the preliminary Markit manufacturing PMI in November and the final value of the University of Michigan consumer confidence index in November were higher than expected, and the dollar index recovered its losses during the week and returned to 98.
257, which put some pressure
on copper prices.

At present, Shanghai copper closed in the sun, and the upper part was under pressure from the 20-day moving average and the Bollinger mid-band, and copper prices are expected to pull back
slightly today.
In terms of spot, as the market rose again to the 47,000 mark on Friday, it is expected that high prices will inhibit the enthusiasm of the market to trade, but because the recent market circulation continues to be affected by imports, it is difficult to see the situation of holders actively selling goods, and the market may show a stalemate
.
It is expected that today's Shanghai copper will be 46900-47200 yuan / ton, and the spot premium will be 50-90 yuan / ton
.