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Copper review: the doha agreement abortion on weaker oil prices or involvement

by:Deyuan      2020-12-23
Abstract: the doha conference on the eve of a drop in oil prices, reduce the risk of market sentiment, every Zhou Lun copper fell $34, the Chinese economy improve failed to boost market confidence, highlight metal surface weak demand, expected this small copper fell now. ( )

today's copper price analysis and forecast:
a.
in the international market in doha last weekend frozen oil open another fall before the upcoming production meeting, and risk appetite cooling reduced near the weekend, every Zhou Lun copper fell $34. Today early morning, 16 oil producers jelly production of crude oil in the doha negotiations failed to reach agreement, countries whether countries like Iran should be involved in frozen production has serious differences, the most important reason is unable to reach a consensus, the Asian market prices fell 6% in early trading. As a result, today's copper low open, the latest quotation for $4778, down $28.

the London metal exchange on 15 April, according to data released copper inventories increased 1475 metric tons to 147975 tons. Cancel the LME copper warehouse inventory than for 22. 20%.

2. Domestic market
Shanghai copper low open today, 1605 contracts opened the current month of 36620 yuan, down 300 yuan, the territory of Shanghai copper price contract 1604 36890 fell 30 yuan. China on Friday June quarter GDP growth. 7%, in line with market expectations. But in the end after the seasonally adjusted data show for China's GDP growth in the first quarter of 2016 to 1. 1%, has the lowest since the official statistics for the data, and market expectations of 1. 5%. Mixed market performance, today's Shanghai stock market sentiment, Shanghai copper or consolidation is given priority to, is expected to spot copper fell slightly.

hot financial information
1. On Friday, the Thomson Reuters/university of Michigan report shows that the United States in April of Michigan consumer confidence index for 89. 7, refresh the lowest since last September, 92, less than expected and less than 3 surveys of 91. Current and expected index were down. Michigan consumer confidence index has dropped for the fourth straight month.

2. 6 China in the first quarter GDP growth. 7%, in line with market expectations, but less than 6 in the fourth quarter of last year. 8%, and the lowest growth rate since the first quarter of 2009. The bureau said, China's economy showed signs of periodic bottoming. Short-term Chinese economy periodic U type, W type may be present, medium and long term trends may be approximate L.
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