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Shanghai copper afternoon review on May 28

 Last Update: 2022-12-16
 Source: Internet
 Author: User

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Last night, the main 1907 contract of Shanghai copper opened at 47210 yuan / ton, and the price quickly performed after the opening to test 47340 yuan / ton, but soon because the dollar strengthened to 97.
9 last night, the bulls took advantage of the high to close their positions, copper price performance all the way down, touching 47180 yuan / ton intraday, copper prices rose slightly after short-term low, but the overall still under pressure on the daily moving average, closing at 47270 yuan / ton
.
The trading volume of the Shanghai Copper Index was 40,154 lots, and the position increased by 1,248 lots to 589,000 lots
.

Shanghai copper

Last night, copper prices were weighed on by the strength of the US dollar
.
Although the external market opened straight to the $6,000 / ton mark this morning, the external performance delayed to cover yesterday's internal rally, but because the macro and fundamentals have not yet improved, copper prices still have little room
to rise.

At present, the center of gravity of London copper and Shanghai copper are stable on the 5-day moving average, and the technical performance is somewhat supported
.
The spot market is currently trading lightly, and due to the recovery of plate prices, it further inhibits some downstream buying, and near the end of the month, the willingness of holders to sell is gradually increasing, so spot quotations continue to decline
.
It is expected that today's London copper 5970-6020 US dollars / ton, Shanghai copper 47000-47500 yuan / ton, spot discount 20-liter 50 yuan / ton
.

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