November 8 Copper Market Brief Review

On Thursday, the main contract of Shanghai copper 1912 opened at 47100 yuan / ton in the morning, and after the opening, it fell to the lowest level of the day at 47060 yuan / ton, and then all the way up, the center of gravity remained stable around 47130 yuan / ton, until the noon close, the afternoon opening bears continued to reduce their positions, copper prices all the way up to the highest level of the day 47219 yuan / ton, the end of the session slightly slipped and closed at 47150 yuan / ton
.

The intraday market showed a low rebound, mainly due to the recent good economic data of many countries, the euro area retail sales data in September also exceeded expectations, macro sentiment is still good, supporting copper prices to return to the 47200 yuan / ton mark
.
China and the United States released good news again, saying that as the agreement progressed to cancel tariffs in phases, Shanghai copper is expected to continue to rise
.
At present, Shanghai copper closed negative, supported by the 5-day moving average below, testing whether Shanghai copper can further cover the gap to break through 47330 yuan / ton
.

The news is relatively flat, the fundamental economic pressure is still large, and Shanghai copper continued to fluctuate downward overnight, Touching the support level around 47,000 gradually eased, in the short term, the domestic interest rate cut and Chile copper concentrate demonstration brought by the benefit gradually dissipated, the US dollar index due to the US economic recovery on copper prices, the intertwining of long and short plates by the technical trend is strong, Shanghai copper is expected to maintain a range shock situation, or continue to be weak, the range of 4.
65-47,300, recommended range operation-based, cautious high short selling, downstream recommended wait and see
.