BC Copper Prices Rise Again as Macro Sentiment Turns Favorable.

Today, the BC copper main force 2403 contract opened at 61650 yuan/ton and closed positive, remaining above the daily average but below the 5-day line of support. Overnight, the BC copper main force 03 contract saw a jump in the open high, followed by a reduction in long positions, causing the plate to bottom out at 61330 yuan/ton and begin to oscillate upward.

During morning trading hours, the BC copper main force opened higher than 61860 yuan/ton but lacked upward momentum, causing the center of gravity to shift back down. In the afternoon, the plate narrowed and oscillated before closing at 61730 yuan/ton, up 350 yuan/ton or 0.57%. The main performance was attributed to the increase in long positions to 10636 hands, a rise of 383 hands compared to the previous trading day.

Turnover also increased to 8132 hands, up by 2825 hands compared to the previous trading day. On the macro level, December U.S. JOLTs job openings were unexpectedly high and the IMF raised expectations for global economic resilience, resulting in a positive overseas macro sentiment. Additionally, China's manufacturing PMI in January was announced at 49.2, ending three consecutive declines, although it still remains below the glory line.

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