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Overnight, the main 1706 contract of Shanghai copper opened at 46070 yuan / ton
.
At the beginning of the session, Shanghai copper was still hesitant near the daily moving average, the high was 46400 yuan / ton, the sharp downward trend in the external market drove the short position increase momentum like a bamboo, Shanghai copper also broke the downward bottom to 45520 yuan / ton, the end of the day part of the short position outflow, closed at 45720 yuan / ton, down 910 yuan / ton, the position increased 9950 hands to 235398 lots
.
Overnight Shanghai copper closed downward for three consecutive days, the bottom lower rail support has broken, and it is expected to still run at 45500~45900 yuan / ton
in a bearish atmosphere today.
In terms of news, the domestic CPI rebounded slightly in March, the PPI continued to fall, and the price of industrial products peaked significantly
in February.
In addition, the recent tensions in North Korea, the Fed's balance sheet reduction and the normalization of interest rates in the United States have been continuously strengthened by the market, commodities have pulled back sharply, and copper prices fell last night
.
In terms of the market, the current copper premium is basically the same as yesterday's level, good copper goods are more cheap, the basis of the next month is further narrowed, inhibiting the enthusiasm of speculators to trade, supply pressure is still there, brands are diversified, downstream on-demand delivery, lack of transactions, pay attention to the basis change
of the next month before delivery.
The Shanghai-London ratio rose to around
8.
18.
Pay attention to the support of the previous low, and pay attention to the risk
of breaking in the short term.
At present, the international tension situation is further spreading, the global economic outlook is shrouded in the shadow of development, last night the metal outer market fell across the board, the dollar index fell heavily back to the $100 line, overnight the external market showed a sharp decline, most of the market funds left the market to wait and see, under the premise that the current demand failed to recover as scheduled, copper prices are expected to continue to decline
.
