Lun Tong Chong blocked Shanghai copper or dragged down

Shanghai Copper (61070,340.00,0.56%) oscillated in a narrow range yesterday, the cu1205 contract opened at 60880 points, intraday trading range of 60600 to 61150, and the final price closed at 61,070 points, up 340 points from the previous day's settlement price.

In late evening, the price of copper in Europe and America was dragged down by the European and American stock market corrections and the strong rebound of the US dollar. LME three-month copper intraday trading session closed lower by US$101 to US$8,499/tonne compared to the previous trading day, and the electronic trading zone was trading at US$8405 to US$8695. In the final session, it closed down 40 US dollars to 8525 US dollars / ton; COMEX May refined copper futures contract closed down 4.20 cents to 387.95 cents / pound lower than the previous trading day.

Fundamental Analysis Wednesday LME refined copper stocks fell by 2,425 tons to 296,425 tons, and fell continuously for the three trading days this week. In macro news, Eurostat released data showing that after the revision, the Eurozone consumer price index (HICP) in January increased by 2.6% year-on-year, slowing from the 2.7% increase in December last year, which is the current easing in the Eurozone. The monetary policy provides data support. According to data from the US Department of Commerce, in the fourth quarter of last year, the U.S. gross domestic product (GDP) increased by 3.0% year-on-year, and both the initial value and market expectation increased by 2.8%. The data again confirmed the signs of U.S. economic recovery; the Chicago Institute for Supply Management announced According to the data, the Chicago Purchasing Managers' Index (PMI) rebounded from 60.2 in January to 64.0 in February, which is better than market expectations of 61.5. The American Institute for Supply Management (ISM) will announce the US PMI for February in Beijing time today.