He Haihai: LME base metals mostly closed higher on Wednesday, supported by falling US dollar and technical buying, with 3-month copper closing at 3,255 US dollars per ton, up 25 US dollars. LME stocks increased by 100 tons to 44,700 tons. London copper rose yesterday, driving Shanghai copper gapping higher today, but prices are still under pressure near the previous high point, and then fell back. The United States’ GDP growth in the fourth quarter of 2004 was 3.8%, which also supported price. GDP expanded by 4.4% in 2004, a strong growth in five years, 4.5% in 1999 and % in 2003. In April, the tight spot will appear more severe this month. The fund has a large number of long positions. The cancellation of warehouse receipts has been more than 9,000 tons, and the spot premium has also started to increase. These indicate that the use of spot tension in April will increase the price. The possibility continues to increase. The current dollar factor is no longer the main incentive for price. The focus of the market began to shift to spot supply. China's spot price is already above 34,000 yuan, and the import volume in February is above 100,000 tons. Temporary supply cannot be alleviated. As prices will continue to rise, there is a good chance that London Copper will remain strong until the third Wednesday in April. From a technical point of view, Shanghai Copper is still in the midst of short-term shocks at the end of the five waves, although yesterday's price breakthroughs, forming a short-term high divergence, but has not been determined. Today's prices gapped higher and opened after the previous highs were suppressed, after the basic shocks to maintain the trend, the direction is unknown. Operational advice: Better short-term intraday trading.
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