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On Tuesday, domestic copper prices opened low and went low, but soon lost downward momentum, and the main contract of Shanghai copper 1606 fluctuated in a narrow range around 36700 yuan / ton, closing at 36730 yuan / ton at the end of the day, down 1.
05%
from the pre-holiday close.
As the Shanghai copper pullback approached the 60-day moving average, that is, around 36430 yuan / ton, the decline in copper prices slowed down
.
Asian market London copper rose again and fell, of which the 3-month LME copper rose slightly by 0.
14% to 4773 US dollars / ton at the close of the Shanghai copper market, and recently Lun copper fell for seven consecutive trading days (cumulative decline of 5.
83%), and the current London copper fell back to the low point since March 1 this year, and the lower support focuses on 4685 US dollars / ton
.
On the macro front: A new round of Fed officials' speeches will kick off this week, from which investors will look for signals on when the Fed will raise interest rates in the future, and last week's dovish speech by Fed officials weighed on
the dollar index.
In addition, the recent rebound in global PMI data and the resumption of China's stock market rally, the general atmosphere does not cooperate with the continued decline in copper prices
.
In terms of market: the first quarter of the morning market spot good copper discount is firm, flat water copper is significantly narrowed, and the transaction is active at the low level of the market; In the second section, the good copper discount narrowed slightly, driving the flat water copper discount to remain stable, and traders' willingness to find low-priced goods increased, but few
wished.
There is no obvious downstream replenishment in the market, and the overall transaction of the market is dominated by middlemen
.
The Shanghai copper 1606 contract fell under pressure to 36,730 yuan / ton, weighed
down by concerns about Chinese demand.
However, at present, Shanghai copper has retraced more than 7% from this round of rebound highs, while the US dollar index has continued to decline recently, China's manufacturing PMI in March is much stronger than expected, and investors need to be wary of excessive concerns about China's demand, and short-term copper prices are still likely to
pullback.
