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On Friday, after the Shanghai copper main 1706 contract opened at 46150 yuan / ton, under the impetus of short covering, the intraday straight line rose to 47940 yuan / ton, breaking through the moving averages upward, but the momentum of reducing positions is not sufficient, with the return of the US dollar index, copper market bulls continue to flow out, copper prices stepped down, at 46100 yuan / ton to close at the doji, the position decreased by 6130 hands to 233,000 lots, the volume decreased by 43214 hands to 272,000 hands
.
Last Friday, Shanghai copper rushed back down, today released China's first quarter GDP data, expected to be 6.
8% year-on-year, the data is good, judging that today's Shanghai copper is strong volatility, but the upper moving average bears are under greater pressure, and it is expected to run in the range of 46000-46500 yuan / ton today
.
In terms of the market, the lack of external guidance, short-term speculative funds make Shanghai copper volatility sharp, the contract of the month is close to the last trading day, part of the market sources appear to the next month quotation discount of 100 yuan - discount of 50 yuan / ton, the basis of the next month maintained at more than 100 yuan / ton, now copper to the current month premium following the basis was slightly pushed, some speculators in the morning market into the market to absorb low-priced sources, in the near noon after the rise in the market profit shipment, downstream demand on the basis of low level slightly increased, market trading enthusiasm slightly improved compared with the previous day
。
In terms of external trading, the LME was closed on Friday and Monday
.
