Thaihot concern: the prices of short-term price to treat copper oxide [market] interval
Copper yesterday after the fall, to close at $4637. LME last night rushed down, in order to bring the shadow of the candle closing, from technology to see the short-term moving average go flat, which does not form or help, but the 20 day moving average formation pressure, is expected to this line reversal probability is very small, and from the volume to see at present is only a short covering market, oscillation 4480-4700 U.S. dollars first-line process is expected to. Yesterday rising copper prices are the main reason and the survey malicious short effect and commodities continued to fall, some species has fallen below cost price, this line rebound is normal, but consumption has not kept pace with, this line reversal of the probability is very small. Basic aspects: today released data show that China's 1-10 month scale industrial enterprises profit fell 2%. 1-9 month was down 1.7%. Expected copper prices will remain short-term interval oscillation pattern.
The latest economic data: the European Central Bank (ECB) released data show that the euro zone in October, the fastest growth rate of loan growth in the past four years, while the amount of M3 increased significantly higher than expected. In October the euro zone loans to non-financial firms grew by 0.1% last month to 0.6%, the best since January 2012. October the growth rate of household loans rose by 1.1% last month to 1.2%, also hit the highest level since the beginning of 2012. Few loans to enterprises, for struggling euro zone economy helpless, a slight improvement in performance over the past few months, the indicator shows that the loan volume slightly rebounded. This is partly by the ECB's $600 per month to buy a plan to help. But the banks continue to deposit in the ECB about 1600 euros of overnight deposits, indicating that even negative central bank deposit rates and unconventional monetary policy stimulus, has not yet hit communication channel. ECB is expected to further relax monetary policy in the next week so as to stimulate the credit, but the banking sector is a major obstacle to the high level of non-performing loans. The amount of goods for the euro area in October M3 annual rate of increase of 5.3%, a record in July the largest increase, and also higher than expected. In September an increase of 4.9%. The data is a leading indicator of future economic activity.
Yesterday, the dollar index continued high oscillation, the highest to 99.90, the lowest of 99.69, closing up 0.05 points, to close at 99.84. From a technical point of view: the dollar index last night to continue to run at a high level, only a step away from the previous high point. U.S. crude oil fell yesterday, the highest in January to $43.30, the minimum to $42.29, to close at $42.51. From the technical point of view on the chart: the United States crude oil fell last night, the overall look at the trend has not yet formed, is expected to be adjusted to support in the early stage.
Main copper contract in January today opened higher in early trading, flushes recedes high, to maintain the overall pattern of inter area oscillation, morning to take under the shadow of the small candle closing, is expected to oscillation pattern will continue, at present according to the range market treatment.