Shanghai copper afternoon review on August 27

Overnight, Shanghai copper opened higher and lower, closing near the 5-day moving average at 51520
.
Copper prices were supported by a weak US dollar, but the internal session was weaker
due to the sharp rise in the yuan.
Shanghai copper trading fell and the position rose slightly, the market wait-and-see sentiment was strong, and the trend of Shanghai copper was weaker than that of London copper
.
Shanghai copper may continue to oscillate
above 51000 in the short term.
The future market is vigilant against the development of
Sino-US relations.
Shanghai copper upper pressure 52740, lower support 48000
.

US durable goods orders for July were 11.
2% month-on-month versus 4.
8% expected and 7.
6%
prior.
Overnight, U.
S.
durable goods orders sharply exceeded expectations, and the Fed expects to keep the current zero interest rate for at least 5 years
.
Stimulated by the news, the dollar fell and the yuan soared
.
Non-ferrous metals diverged, copper and aluminum rose, lead and zinc fell
.

From an industrial perspective, the ICSG report shows that the global supply gap of refined copper has further widened in May, and the supply of refined copper will remain weak, and supply will still support
prices.
Copper explicit stocks further declined, LME stocks fell to a thirteen-year low, less than 100,000 tons, the main reduction from LME copper stocks European warehouses, supporting LME copper prices high volatility, pay attention to whether September China ushered in the second time in the year to destock, will represent out of the off-season effect, for the current copper price or maintain a high level of shock judgment, the main fluctuation range is 2.
85-3 US dollars / pound
.