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Today, the Shanghai copper main 1706 contract opened low at 46430 yuan / ton, after the opening of the long and short game, Shanghai copper around 46400 yuan / ton line repeated consolidation test, with the black series of the big fall, bears issued a more violent attack, Shanghai copper stepped down, all the way down to 45740 yuan / ton, the lower lead pierced the support of the lower rail, closed at 45850 yuan / ton at the long black line, down 760 yuan / ton, The Shanghai Copper Index increased its position by 29,406 lots to 259,000 lots, the trading volume decreased by 94,168 lots to 356,000 lots, and the Shanghai Copper Index increased its position by 16,634 lots to 598,000 lots, and the trading volume decreased by 135,000 lots to 524,000 lots
.
On the macro front, U.
S.
President Donald Trump has previously expressed his intention to simplify the income tax system, relax federal regulations, cut corporate income taxes, and add new taxes to urge companies to keep or relocate their production sectors to the United States
.
Barclays believes that recent comments by Trump about the strength of the dollar may signal that the new administration may be reluctant to implement policies to further strengthen the dollar, weakening the prospects
for the dollar to move higher in the coming months.
In terms of the market, Shanghai spot copper quotation at 46220-46370 yuan / ton, down 150 yuan / ton, discount 80 yuan / ton - flat water
.
Today's copper reappears the discount quotation, wet copper due to the shortage of supply, the quotation is still firm, the market receives mostly flat water copper brands, downstream bargain absorption of low-priced sources, the transaction has improved
.
Today's Shanghai copper deep pullback, mainly dragged down by the surrounding market, may be able to rely on the lower band to stabilize in the evening, repair the rapid rise, and pay attention to the support
of the lower band.
