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Market wire in Nanhai metal scraps market in the morning
2020-1-2

Jan 02 (LTIT) –The new year eventually came, entering the first day of 2020, China immediately announced heavy positive measures: the central bank of China decided to lower the target by 0.5 percentage points on January 6, releasing more than 800 billion yuan of funds, coupled with the softening of the U.S. dollar index and the positive Sino-U.S. trade situation, the small fall at the end of the year before the end of the first day after the SHFE copper futures year opened smoothly, i.e. the monthly copper futures remained above 49000, while LME copper was still standing at a sideways level of 6200 U.S. dollars and waiting for the guidance of breakthrough news; According to the domestic demand status, after the New Year's Day of the New Year, the long holiday of the Lunar New Year is approaching, and some factory enterprises begin to enter a state of semi-shutdown or shutdown. Judging from the substantial increase in the six types of import approvals in the new quarter compared with the previous one, the market is worried about the impact of the reduction of import costs and the impact of subsequent arrival on the market on prices. Therefore, whether to increase the position for the holidays is still under consideration. The large gap between recycled copper and electric copper is helpful for the start of their consumption power. If the copper price in the new quarter remains relatively stable, the pre-holiday stock preparation operation will be increased. It is expected that the short-term copper price will still fluctuate within a narrow range after the New Year, waiting for more favorable news to gather and stimulate.

 

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