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Shanghai copper opened at 50,400 yuan / ton overnight, fluctuating
along the daily moving average at the beginning of the session.
Subsequently, copper prices rushed back down, touching a high of 50,640 yuan / ton, and then gradually fell back to the daily moving average
.
Running along the 50400 line, the center of gravity shifted downward at the end of the day, closing at 50350 yuan / ton, up 70 yuan / ton
.
Shanghai copper overnight is mainly oscillating, technically the main force of Shanghai copper stands above the 10-day moving average, and the 5-day moving average and 10-day moving average under the foot tend to bond, providing support
.
China released the first tariff list of U.
S.
imports, the United States may release this Friday, the escalation of the Sino-US trade dispute weighed on the dollar, but the recent strong performance of the US economic data supported the dollar, so the dollar is mainly volatile, the impact on copper prices is neutral
.
The domestic March manufacturing PMI released last Saturday showed a significant downstream recovery after the holiday, which reboosted the confidence of copper downstream demand to return, so the decline in inventory is a high probability event, at the same time, into April, many copper mines are facing salary 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
.
As the Sino-US trade war shows signs of easing, the US dollar index saw at the 90-point mark, Shanghai copper night trading continued the daytime rally, suppressed by the large increase in early inventories, the increase was slightly limited, copper prices returned to fundamentals-led, 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 in the short term or maintain volatility
.
