Last night, the three-month copper futures of LME extended its decline in the evening, following the fall of the US stock market and the euro. The US industrial production growth in line with expectations in September and the change of the manufacturing index of the New York Fed in October did not change much, making the indicators lack the subject matter of highlights. At the same time, before the EU summit meeting on the weekend, the German government could not reach a “final solution†for the European debt crisis, which made the market’s expectations for the summit cool down and the risk market’s decline across the board. Today, the trading sentiment brought by domestic GDP during the third quarter of the session was heavier. The German ZEW economic sentiment index in October and the US October NAHB house price index in the evening may affect the market.
The root of LME's March 7700 copper near the 700 dollar line is more fearful. Lunbron met with a resistance near 7700 U.S. dollars yesterday, while Shanghai copper suffered resistance at 56.800. After Monday, it was more difficult for the domestic and foreign copper prices to try to test resistance again. The process of resolving the debt problem in the euro zone remains uncertain. Comparing the current price expectation of the broader market for copper prices, short-term operation is difficult. If the European debt problem is stable and the indicator is good, the rising target above the LME copper can temporarily be set at 8,000 US dollars, and if the progress of the European debt is disappointing again, it may fall below 7,000 US dollars again. The author believes that operationally, the idea of ​​building short-term gains is better than holding short-term, but at the same time, the price has not completely given up the potential to continue to explore.
For the sake of caution, short-term and long-short need to pay attention to the performance of the outer disk at the exchange position of the 10th and 20th EMA at 7320-7350 USD. In addition, the domestic thread yesterday Masukura decline, need attention, shows the interest of funds to short the real estate, which may have a negative impact on the price of copper. In view of the poor performance of the thread, Shanghai Copper should reduce its wet storage slightly. Shanghai Copper’s main concern is the performance of 5.48-5.5 million.
The root of LME's March 7700 copper near the 700 dollar line is more fearful. Lunbron met with a resistance near 7700 U.S. dollars yesterday, while Shanghai copper suffered resistance at 56.800. After Monday, it was more difficult for the domestic and foreign copper prices to try to test resistance again. The process of resolving the debt problem in the euro zone remains uncertain. Comparing the current price expectation of the broader market for copper prices, short-term operation is difficult. If the European debt problem is stable and the indicator is good, the rising target above the LME copper can temporarily be set at 8,000 US dollars, and if the progress of the European debt is disappointing again, it may fall below 7,000 US dollars again. The author believes that operationally, the idea of ​​building short-term gains is better than holding short-term, but at the same time, the price has not completely given up the potential to continue to explore.
For the sake of caution, short-term and long-short need to pay attention to the performance of the outer disk at the exchange position of the 10th and 20th EMA at 7320-7350 USD. In addition, the domestic thread yesterday Masukura decline, need attention, shows the interest of funds to short the real estate, which may have a negative impact on the price of copper. In view of the poor performance of the thread, Shanghai Copper should reduce its wet storage slightly. Shanghai Copper’s main concern is the performance of 5.48-5.5 million.
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