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Market wire in Nanhai metal scraps market in the morning
2020-1-8
Jan 08 (LTIT) –Geopolitical issues continue to affect the metal market. The copper market is still in a narrow range of fluctuation, with US$ 6,000-6,100 still the recent lower support position. In addition, as the domestic Lunar New Year holiday approaches, the risk aversion of funds is relatively high, so most of them are taking short-term profit-making operations. SHFE copper futures continue to oscillate in a range of about 48500. For the domestic market in the near future, one is that the long holiday of the lunar new year will affect consumption, and the other is that it is expected that the quantity of approved goods in the first quarter of the year will increase and supply will be sufficient to suppress the market. All of these will put pressure on users' psychology of filling positions. At present, international factors continue to influence the market. It is expected that the short-term copper price trend will still fluctuate slightly, but there is not much room for downward trend. the afternoon support for SHFE copper futures will be above 48,000.

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