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On Thursday, the main 1706 contract of Shanghai copper opened at 46370 yuan / ton, that is, it was under pressure on the weak daily moving average
.
A-shares opened low and low in early trading to break through 3100 points, under the popularity of the bearish, Shanghai copper bulls reduced their positions downward, repeatedly tested 46250 yuan / ton first-line support
.
As the stock market recovered its decline and turned red, the main center of gravity of Shanghai copper consolidated upward, and Shanghai copper bulls bought weakly, failed to break the daily average during the session, and were hindered by the 46,300 yuan / ton line
.
In the afternoon, it continued to move sideways, and finally closed at 46290 yuan / ton, up slightly 60 yuan / ton
.
The main small black candle of Shanghai copper closed, and the center of gravity of the K-line was continuously raised by the short covering, and the overall volume was weak
.
Considering that the fundamentals are not significantly positive, and the end of the month is approaching, and the macro capital continues to be tight, the 20-day moving average is still facing certain pressure, and the main force of Shanghai copper is still difficult to break through the 20-day moving average resistance
.
In terms of the external market, London copper opened at 5720 US dollars / ton, the center of gravity slightly sank to 5705 US dollars / ton around the shock operation, the low back to 5700 US dollars / ton, into the European and American session, gradually recovered the Asian market decline, returned to the opening price nearby, as of 16:47, London copper reported 5720 US dollars / ton, down 14.
5 US dollars / ton
.
Before the ECB's decision, the euro was fluctuating at a high level
.
Wait for the ECB's interest rate decision to seek concrete clues as to whether the ECB will scale back monetary stimulus in the coming months
.
London copper continues to fluctuate in the range of the 5-day moving average to the 20-day moving average, and the target continues to accumulate short-term momentum of $5750/ton
.
In terms of macro, data from the National Bureau of Statistics show that the profits of industrial enterprises above designated size in China increased by 23.
8% year-on-year in March, and the profits of industrial enterprises above designated size in the country increased by 28.
3% year-on-year from January to March this year, down 3.
2 percentage points
from January to February.
Some analysts believe that although the profit growth rate slowed down in March, it is still at a relatively rapid growth level, which is a return to the normal of profit growth, and the overall situation of corporate efficiency continues to improve
.
In addition, the Bank of Japan maintained its policy interest rate, 0% target for 10-year government bond yields, and 80 trillion yen in asset purchases with a vote of 7-2, in line with market expectations
.
In addition, the United States announced what is said to be the largest tax cut in history, which will benefit
businesses, the middle class and top earners.
According to the fact sheet provided by the White House, the tax reform is largely consistent
with Trump's campaign plan.
Trump plans to change the personal income tax rate from 7 to 3 and the corporate tax rate from 35% to 15%.
In terms of the market, Shanghai copper flat finishing, morning market supply brands diversified, still maintain discount level shipments, but as some speculators continue to enter the market to absorb low-priced sources, flat water copper discount took the lead in actively narrowing, good copper top price discount narrowing is limited, speculators further absorb low-priced sources, downstream pre-holiday reserves, market receipts increased, transaction activity improved compared with the previous day, the market morning transaction first rose and then declined
。 In the afternoon, the Shanghai copper range volatility remained unchanged, there were still traders in the inquiry to receive goods, downstream there is no lack of low-price stockers, flat water copper continued to narrow the discount range to 40-30 yuan / ton, good copper re-collection has been difficult, the market transaction is flat compared with the morning, flat water copper sticker 50-30 yuan / ton, the transaction price is 46110-46170 yuan / ton, good copper discount 30-20 yuan / ton, the transaction price is 46130-46190 yuan / ton
.
On the industrial front, sources said U.
S.
Freeport McMulan Copper and Gold is preparing to export three cargoes of copper concentrate from Indonesia's Grasberg mine, after the company's exports were suspended for 15 weeks
.
Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds and risk aversion increase the macro pressure, the downstream in the consumption season has always been limited, but tend to short-term terminal consumption still has a supporting effect on copper prices, if there is no substantial negative factors, the transaction is still treated with shock ideas for the time being
.
