Copper oscillations continue to increase Shanghai aluminum remains weak

The LME copper oscillations increased last week. The weekly price on Monday and Tuesday suffered resistance at the 3,400th integer barrier. The price of this week broke through the resistance level. On Thursday, China announced news that the renminbi was revalued. On the same day, it constituted a factor of copper price pressure. However, the copper price rose on Friday and hit a record high. . It is clear that the LME copper future has not changed and the new record is in line with our expectations. However, we believe that the record high for copper will not cause a sharp rise. The price of copper will continue to remain high for more than a year, and the average line will continue to provide good support for the price. Shanghai copper had a dramatic trend last week. Although copper prices continued to rise during the LME period before Thursday, Shanghai copper has been suppressed by selling pressure and was oscillating at its previous price. After the yuan appreciation news, Shanghai copper opened sharply lower on Friday, but it rose sharply thereafter. Obviously, before the announcement of the appreciation of the renminbi, there have been prophets who have short-listed short-listed investors. However, after the announcement of the news, there has been a case where the bearish position has been bullish and the copper price rebounded retaliatoryly. As the appreciation of the renminbi is relatively small and has already been digested by the market, it is expected that Shanghai Copper will continue to follow the rise in Renminbi. Last week, LME aluminum oscillated above 1800. Aluminum fell on Monday. The aluminum rebound rebounded most of the decline on Tuesday and Wednesday. Aluminum fell again on Thursday, and aluminum rebounded on the previous day on the back of other metals. Most of the decline. After the LME aluminum exceeded the 1800 integer barrier, the 120-day moving average formed resistance against aluminum. The aluminum only succeeded in breaking the resistance of the average and the market continued to rise. Under the repression of the 120-day moving average, Aluminum maintained its oscillation for more than a week, and it is expected that there will be a strong upward trend in the future. Shanghai Aluminum oscillated weakly in the absence of transaction volume. The news of the appreciation of the renminbi has the same effect on Shanghai Aluminum as Shanghai Copper, both of which are in a low-risk and high-going pattern. As the trading volume is small, the market lacks the driving force, so Shanghai Aluminum's oscillation market will continue. The trading volume shows that market participants are not interested in the trading of Shanghai Aluminum. This situation is difficult to change in the short term. Operationally, although the copper price hits a new high, it does not mean that there will be a big rally. We can continue to wait and see.