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Trading in the Shanghai copper night market continued to be
suspended.
In the evening, copper prices continued to fall, as the market did not have optimistic expectations for the next round of negotiations between Britain and Europe, the yen was hit by regional public safety risks, while the US manufacturing data performed well and was positive for the US dollar, and the US dollar index is now approaching the 100 mark; At the same time, gold prices climbed to a seven-year high boosted by safe-haven demand, while the market's turn to the US dollar and gold safe-haven assets weighed
on copper prices.
At present, most downstream copper processing enterprises have resumed work, and production has gradually recovered compared with last week, but it still faces problems such as logistics obstacles and the accumulation of finished and semi-finished product inventory, and it will take some time
for fundamental repair.
At present, London copper is closing negative, and the upper pressure is under the 5-day and 10-day moving
averages.
In terms of spot, with the end of February, the financial pressure is getting heavier and heavier, and a small number of downstream enterprises are gradually troubled by funds, the amount of goods received is difficult to release, the short-term market will continue to show difficulties in goods, limited transactions, oversupply characteristics are becoming more and more prominent, and the trend of discount expansion is difficult to suppress
.
It is expected that Shanghai copper will be 46000-46400 yuan / ton in the day, and spot discount will be 250-200 yuan / ton
.
