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Copper prices fell slightly on Tuesday , as copper inventories at the London Metal Exchange have increased significantly by about % in the past week, investors' concerns about oversupply in the copper market have increased, leading to copper selling pressure. Coupled with the strengthening of the US dollar, copper prices have fallen to weekly lows. The market is currently focusing on Thursday's manufacturing data from China, a major metal consumer. China's monthly manufacturing purchasing managers' index is expected to be the same as last month. If it is worse than market expectations, it may highlight the weakness of China's current economy, and the copper trend may be under pressure by then. .
Technically, on the daily chart, copper prices maintained a ten-week low and fluctuated, and the stochastic oscillator rebounded from the oversold area, suggesting that there is still demand for a rebound in the short term, but the downward daily moving average is expected to pose pressure.
Key Resistance
Key Support
Today’s Recommendations
The hourly chart maintains a narrow range of concussion, and is currently slightly higher, trying to test the upper track resistance. The hourly chart is around. The first line is trading sideways, ultra-short-term Direction unknown. For intraday operations, it is recommended to operate within a range, set a tight stop loss, lock in profits in a timely manner, and follow up after an upper or lower breakthrough.