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Overnight, London copper was blocked by bears, shooting down from a high of $5960 / ton to $5810 / ton, base metals once fell together, but then some bears closed and left, bulls took the opportunity to return to the low, and finally closed at $5880 / ton, closing the doji line
.
Last night, base metals were hit by bears again, and London copper fell nearly 2% intraday, but compared to other metals, copper prices showed relative resistance, market panic has dissipated, the $5800 / ton mark is a strong support level, and the deep fall can attract some buying power
.
The current trade war has weakened the pressure margin on copper prices, but we must not let our guard down
.
At present, the domestic economy is facing greater downward pressure, and it is difficult for future market demand to support copper prices too much, resulting in the market not reflecting the decline in copper market inventory
.
Short-term copper prices may remain under pressure from the strength of the US dollar and the risk of intensifying trade disputes between China and the United States, and London copper is expected to be $
5800-6050 next week.
