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    Home > Chemicals Industry > New Chemical Materials > Shanghai copper lacks directional guidance and continues to maintain a wide range of volatility in the short term

    Shanghai copper lacks directional guidance and continues to maintain a wide range of volatility in the short term

    • Last Update: 2022-12-09
    • Source: Internet
    • Author: User
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    At the beginning of the week, the price of the Shanghai copper index opened sharply higher, and then the shock rose to hit the high of 52,930 yuan, and at the end of the week began to come under pressure and lower, and the final close of the week was 52,380 yuan, up 1,030 yuan, or 2.
    01%, and the weekly position of the index decreased by 21,484 lots to 852,000 lots
    .
    In the external market, the LME copper price bottomed out at $6,873.
    5 at the beginning of the March copper week and rebounded sharply, rising to $7,064 and then under pressure, and then fell to a low near the week's low to stabilize, closing at $6,951 as of writing, down $6.
    5, or 0.
    09%,
    during the week.

    Shanghai copper

    In terms of the market, the market demand for goods this week is still not improving, the transaction only when the price fell sharply to a low level, middlemen maintain a cautious wait-and-see, the market liquid supply on Friday is more abundant, the holders let the goods but the market demand is not good, downstream consumption continues to be weak, the overall market trading is general
    .

    In terms of copper scrap, affected by environmental protection issues, the price of local recycled copper continues to rise significantly due to the shortage of supply, and low-oxygen rods using recycled copper as raw materials lose their advantages under the premise of high cost, and downstream users are deterred, and they have turned their purchasing attention to electrolytic copper and oxygen-free rods, resulting in recycled copper "priceless and no market"
    .
    The market expects this situation to continue until the price difference between recycled copper and electrolytic copper is reasonably widened
    .

    Market pessimism eased at the beginning of the week, and then copper prices rose in the context of favorable economic data exceeding expectations at the beginning of China, but the recovery of domestic copper spot market demand was slower, and inventory accumulation was higher, dragging copper prices back down after failure
    .
    In the short term, the copper market lacks directional guidance, and it is expected to continue to maintain a wide range of volatility in the short term
    .
    From a technical point of view, on the week k, KDJ dead cross, MACD dead cross, the price is still below the short-term moving average, and the bullish trend has been damaged; On the daily K, the Shanghai copper index MACD, KDJ double golden cross, the price is subject to the downward trend line and the 30-day moving average at 52800 yuan pressure, below the temporary stage of the previous low of 51000 yuan support, short-term or maintain a wide range of shock operation
    .

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