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Today's Shanghai copper main contract 2004 morning gap opened at 45850 yuan / ton, after the opening of the shock weakened, the center of gravity has stabilized around 45700 yuan / ton and 45640 yuan / ton, copper prices continued to fall back to around 45500 yuan / ton in the afternoon, and rose slightly at the end of the session and closed at 45620 yuan / ton, up 610 yuan / ton, up 1.
36%.
Shanghai copper main force is running below the daily moving average during the day, although the morning gap opened high but the overall upward momentum is insufficient, mainly because from yesterday the capital market briefly ended the catharsis of panic, today's copper price continued yesterday's high opening trend, but Shanghai copper upward rush is obviously weak, the current copper price high dismissal panic catharsis came to an end, mainly the domestic epidemic was controlled, the resumption of work and production rate of enterprises within the week increased significantly, which boosted the copper market; However, because the epidemic situation abroad has not improved substantially, important Iranian officials have been infected one after another, and the number of cases in South Korea is also increasing, and the risk is still in essence, limiting the price of copper to rise
.
It is expected that before the good news of the foreign epidemic, the upward trend of non-ferrous metals will be difficult to continue
.
Industry News:
Norway through the Canadian Sustainable Mining Initiative, Norsk Bergindustri (Norwegian Mining) announced on Monday that it will adopt the Towards Sustainable Mining (TSM) initiative, a corporate social responsibility initiative
developed by the Canadian Mining Association (MAC) to improve environmental and social practices in mining.
Chilean Mining Minister Baldo Prokurica said the deadly coronavirus that has disrupted markets since January will not stop copper prices from soaring to $
3 a pound this year.
Copper prices, which are often used as a barometer of the global economy, have fallen about 7 percent so far in 2020, suggesting that demand for metals used in everything from electronics to automobiles has cooled
as investors pull out riskier assets.
Today's Shanghai copper opened high and volatile, continuing the strong trend of volatility, and the main 2004 contract of Shanghai copper closed at 45620
as of the end of the day.
The international epidemic spread grimly, triggering global central banks to cut interest rates to boost the economy, the decline of the US dollar index released copper price pressure, and Shanghai copper prices continued to rebound
strongly during the day.
On the other hand, the domestic epidemic control is better, and when China's copper demand accounts for half of the world's total demand, the increase in confidence in the Chinese market economy has re-promoted copper prices, and it is expected that the short-term Shanghai copper will fluctuate at a high level
.
