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Overnight, the main 1805 contract of Shanghai copper opened at 50150 yuan / ton, and the oscillation ran along the daily moving average at the beginning of the session, and the amplitude gradually narrowed
.
After the bulls continued to increase their positions, driving copper prices upward, touching the high point of 50580 yuan / ton, finishing above the daily moving average, 50350 yuan / ton line
.
At the end of the day, the bulls reduced their positions, and Shanghai copper fell slightly, closing at 50,340 yuan / ton, up 340 yuan / ton
.
The possibility of opening up trade negotiations between China and the United States, the market's worries about the trade war have eased, risk aversion has cooled, and the domestic manufacturing PMI released last Saturday for March shows a significant downstream recovery after the holiday, which has reboosted the confidence in the return of copper downstream demand, so the decline in inventories is a high probability event, at the same time, into April, many copper mines are facing wage negotiations, the risk of strike strikes again, so the probability of supply side being blocked is greater, so it is recommended that Shanghai copper continue to hold
.
The outer metal market is closed due to the holiday, and London copper continues to be closed today, so there is no market to provide
.
As the Sino-US trade war showed signs of easing, the US dollar index fell below the 90-point mark again, Shanghai copper weekend night trading continued the daytime rally, by the previous inventory large increase, the increase was slightly limited, copper prices returned to fundamentals dominant, because the current peak season demand is not as expected, technical pressure is gradually released, fundamental improvement is hopeless, it is expected that Shanghai copper short-term or maintain a shock
upside.
