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Today's Shanghai copper main contract 1605 oscillation rebound, the end of the day closed at 37750 yuan / ton, slightly up 0.
32% from yesterday's closing price, from the intraday low of 37400 yuan / ton up 0.
94%, intraday Shanghai copper reduction and contraction operation, showing that long and short actively reduced positions and left the market
.
Externally: the LME market was closed today and next Monday, and the London copper bottomed out overnight, sharply reducing the intraday decline, of which the 3-month London copper only fell slightly by 0.
07% to $4958.
5 / ton, up 1.
47% from the intraday low of 4886 US dollars / ton, indicating that there is strong technical support
at 4900 US dollars / ton below.
Macro: The Asian dollar index oscillated slightly higher and is now trading around 96.
3 as expectations of a Fed rate hike resumed, significantly weighing on non-ferrous metals
.
In addition, the preliminary Markit composite PMI in the United States in March was 51.
1 and the preliminary PMI for the services sector was 51, while the preliminary monthly value of durable goods orders in February fell by 2.
8%, a lower than expected 3%, and the overall data was flat
.
The European and American markets are closed tonight, lacking focus
.
In terms of the market: the external market is closed, hindering some holders from shipping, the market supply is reduced, the current copper discount is further narrowed, flat water copper is favored, and the narrowing range of the discount continues to be stronger than that of good copper
.
After three consecutive days of receiving goods in the week, the enthusiasm for receiving goods within the day declined
.
Traders struggle to find low-priced goods, speculative enthusiasm is suppressed, and transactions are not as good as yesterday.
Today's Shanghai copper 1605 contract oscillated to 37750 yuan / ton, partly weighed
down by the strengthening of the US dollar.
At the same time, due to the market's rising concerns about the continuous increase in domestic inventory, Shanghai copper is currently running at the intersection of moving averages, and the risk of short-term correction has not been lifted
.
Operationally, it is recommended that the Shanghai copper 1605 contract can hold short orders below 38,200 yuan, and the target is around
37,000 yuan / ton.
