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Shanghai copper rose today, closing the Shanghai copper main 2101 contract at 54550, up 360, or 0.
66%.
Shanghai copper rushed back down during the day, reaching a maximum of 55100, and the bulls' strength slowed down in the afternoon, and the price retraced
.
Last week, copper prices were strong
, driven by macro positives such as vaccines and a weaker dollar.
The short-term market trading logic is dominated by macro, the economy led by China has maintained more than expected growth, and overseas vaccines have been successful, although it will still experience the drag of worsening the epidemic and further lockdowns at present, but next year is expected to usher in a comprehensive and rapid recovery, and the medium term is good
.
In addition, the expectation of large-scale stimulus policies in the United States and Europe is still waiting to be fulfilled, and the macro situation is obviously
positive.
Fundamentally, the balance of domestic supply and demand supports copper prices, and in the short term, copper prices will still be affected
by vaccine news and economic recovery expectations in Europe and the United States.
It is expected that the night range is consolidated, the main reference range: 5.
4-55,000, and it is recommended to pull back to make up for more
.
