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Shanghai copper sideways rectification in the later stage will be dominated by the bottom-building rebound market

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Today's non-ferrous metals are generally green, Shanghai copper main 05 contract opened at 65700 yuan / ton, after a slight high opening to 65800 yuan / ton narrow finishing center of gravity back below the daily moving average, the second period to test the low around 65230 yuan / ton after slowly rising, midday late rushed to close at 65670 yuan / ton
.
The center of gravity at the opening in the afternoon was stable above the daily moving average, and it was rectified sideways around 65680 yuan / ton, and fell slightly to near the moving average at the end of the day, and finally closed at 65600 yuan / ton
.

Shanghai copper

At the macro level, the current vaccine progress has exceeded expectations, and it is expected that the pace of economic recovery will still show great differences due to the different medical conditions, the effectiveness of policy support, and the structural characteristics of economic resilience
.

Fundamentally, on the supply side, the current global copper inventory continues to accumulate, but the degree of accumulation is not as good as in previous years, and the overall inventory is still at a low level
.
Overseas new expansion projects are difficult to have an impact on the trend of the mine for the time being, and global copper mines remain tight in the short term
.

On the demand side, the current domestic home appliance and automotive industry consumption is stable, and the market has high expectations
for the early start of the peak season in the second quarter.

Stimulated by carbon neutrality, the renewable energy industry is expected to have new growth points
.
In general, it is expected that the Shanghai copper will be dominated by the bottom-building rebound market in the later period, with the lower support level of 64800 and the upper pressure level of 71000
.

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