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Overnight, the main force of Shanghai copper 1710 opened high and low, opened at 51210 yuan / ton, and fluctuated around 51250 yuan / ton at the beginning of the session, and then the long profit took and followed the external market all the way down to the lowest 50730 yuan / ton, closing at 50850 yuan / ton, and the position decreased by 12330 hands to 246,000 lots
.
In terms of the market, as of 2017-8-9, the spot price of 1# copper is 50820 yuan / ton, up 370 yuan / ton from the previous day, and the discount of 100 yuan / ton compared with the recent month contract, Shanghai copper continues to rise, some buyers and sellers are trapped, the morning market has no choice but to appear premium quotations, especially good copper, but the market is difficult to recognize, spot transactions are significantly suppressed, downstream fear of heights and cautious wait-and-see, yesterday's transaction is still more in the hope of cash arbitrage.
As expected yesterday, copper prices have a surge back down, at present, copper prices are still in an upward trend, for the time being, there is no signal of a sharp fall, after a short break there is a possibility of continuing to rush higher, but the amplitude will become smaller, need to gradually digest the upper high
.