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Market wire in Nanhai metal scraps market in the morning
2020-1-6
Jan 06 (LTIT) –The escalation of the US-Iraq conflict has led to an upsurge in the risk aversion of funds. Gold hit a seven-year high, while the copper market fell back under profit and risk control operations. LME copper returned above US$ 6,100, SHFE futures copper returned below 49,000, and the market entered a wait-and-see mentality again. After entering the New Year, the domestic drop in quasi-stimulus entities, sudden changes in the political situation in the United States and Iraq have led to an escalation of tensions, the pressure on domestic demand due to the Lunar New Year, and the temporary lack of greater news impact on Sino-US trade issues. All these short-term news have affected the direction of the copper market. The political issue of easing ground is the most concerned factor in the current market. It is expected that the copper price will be slightly pressed in the short term, but will have a strong supporting effect above US$ 6,000.

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