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On Monday, the copper market was still oscillating at a high level, showing a surge and a pullback
.
Democrats gave Trump a deadline and whether a deal could be reached on Tuesday would determine whether there was a stimulus package before the election, and the market was optimistic, and the lower dollar gave market support
.
DRC extends ban on copper concentrate exports until April
2021.
Wisdom overnight Lun copper rushed back to close Xiaoyang, today significantly lower above the 5-day moving average of $
6754.
Shanghai copper opened high and low at night and closed in a small negative, closing below the 5-day moving average at 51320, and has continued to fluctuate in a narrow range recently
.
Shanghai copper trading positions fell slightly, the market tends to be neutral, and the short-term may continue to fluctuate
around 51000.
Due to the increased uncertainty of the US presidential election, Shanghai copper is more likely to continue the volatility in October
.
Shanghai copper upper pressure 52500, lower support 50000
.
In the copper market, China's September production data is good, the three major indicators of the spot market give market support, and there is news that State Grid and China Southern Power Grid are increasing the bidding at the end of the year, which has become a supporting factor
for copper prices.
From a technical point of view, the US dollar is blocked by the 5-month moving average, and the domestic copper price resistance is 51700 yuan at the 30-day moving average, if the above price breaks, copper prices are expected to move
upward.
Wait for the opportunity
to operate.
