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Last night, the internal and external trading continued to fall, London copper fell below the 5700 US dollars / ton mark, the low to 5671 US dollars / ton, Shanghai copper has not yet held the 46200 yuan / ton mark, the low reached 46160 yuan / ton, Shanghai copper index night short positions increased by 4838 lots, to 636,000 lots
.
The main reason for the decline in the market is still the release of economic data last night, which exacerbated the market's concerns about macro sentiment, and the weaker-than-expected US Markit manufacturing PMI in August and the weaker consumer confidence index in the euro area in August led to investors becoming more pessimistic
about the economic situation.
At present, the data released by the United States yesterday is also mixed, although the initial jobless claims in the United States were released less than expected, but the Markit manufacturing PMI in August was less than expected and was below the boom and bust line, reflecting that the US manufacturing industry is not optimistic at present, the dollar is also in a high volatility situation, investors are waiting for the Fed to speak further, so as to judge the probability of
interest rate cuts.
The economic weakness on the European side is still relatively serious, and the Sino-US side is still negotiating, but trade frictions have exacerbated the weakening of major economies around the world, and the potential risks are still large
.
Overall macro demand is sluggish, still showing negative copper prices
.
It is expected that copper prices will continue to fluctuate at a low level today, and the current Shanghai copper close is a large black column, with multiple moving averages under pressure above, and technical indicators continue to perform bearishly
.
Due to the impact of long orders in the spot market, the overall trading environment has improved, and yesterday's prices continued to weaken, and it is expected that low prices will also attract downstream active replenishment, and holders are more willing to rise
.
It is expected that today's Shanghai copper 46100-46450 yuan / ton, spot premium 70-liter 100 yuan / ton
.
