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Market wire in Nanhai metal scraps market in the morning
2020-1-9

Jan 09(LTIT) –The U.S.-Iraq situation has eased somewhat in terms of comments. Funds continue to be mainly used for short-term profit-making. After a slight decline in copper prices, there is a slight rebound in prices. LME copper continues to be in the range of 6100-6200, while SHFE copper futures has a short-term pressure of 49000. Judging from the news, the short-term situation of copper is still relatively resistant to the pressure of geopolitical issues dominating the market in the near future, the approaching of domestic annual leave and the increase in the amount of goods to be delivered in the following years. The upward long-term pressure is still at 50,000 yuan, which is currently expected to fluctuate in the range of about 49,000 yuan. However, to attract funds for unilateral operations, more powerful news stimulus is required.

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