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Last night, London copper broke through the 6010 mark, and the high of Shanghai copper reached 47160 yuan / ton, mainly because the release of the US Markit manufacturing PMI data for July and the June quarter new home sales data were less than expected, the dollar fell to the 97.
26 mark, and copper prices rebounded
slightly.
At present, due to the poor performance of economic data released by Europe, the market is worried about the global economy, the market risk aversion is strong, copper prices even if short-term news boost, long-term macroeconomic weakness still makes copper prices lack of impulse; In terms of crude oil, after the United States announced a sharp reduction in EIA crude oil inventories last night, oil prices rushed to the 57.
4 mark in the short term, and then fell back, reflecting that the market's concerns about weak global demand exceeded geopolitical contradictions and the support of oil prices from the sharp decline in inventories, forming bearish news
for copper prices.
At present, Shanghai copper closes the doji, and multiple technical indicators show a bearish and weakening trend
.
Spot prices have rebounded above 47,000 since the current market price, and the high price has suppressed market buying sentiment, but due to the recent long order delivery, holders are also unwilling to reduce quotations and shipments, and the overall trading sentiment will continue to
be deadlocked.
It is expected that today's Shanghai copper 46800-47200 yuan / ton, spot premium 10-liter 70 yuan / ton
.
