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Last night, the internal and external markets generally showed a downward trend, and London copper tested the $5700 / ton mark, and the low was $5708 / ton
.
Shanghai copper fell below the 46,300 yuan / ton mark, and the lowest point reached 46,260 yuan / ton
.
The Shanghai Copper Index increased its short position by 7,176 lots to 623,000
.
Last night's lower market was mainly due to the weak economy, which was difficult to support copper prices, copper prices had insufficient momentum, the market was bearish after the market, and bears actively entered the market
.
At present, there is still no obvious sign of improvement in the global macro economy, in Europe, the risk of political instability in Italy has increased coupled with the risk of a hard Brexit in the UK, which has aggravated the European recession, and the euro has been in a downward trend against the US dollar in recent days; The fundamentals in the United States are still stronger than other economies, and the dollar has been above 98 in recent days, but investors are still divided on whether and how much to cut interest rates further in September, and the market awaits further voice from the Federal Reserve to guide the dollar
.
Sino-US trade negotiations are still ongoing, and no substantial progress has been made so far, which has a great
potential impact on the economy.
Overall, the macro picture is still weakening, investors are increasingly favoring safe-haven assets, and copper prices are slightly more difficult
.
At present, Shanghai copper closed negative, the resistance level broke through, the upper pressure is multiple moving averages, the upward pressure is large, and the technical situation is difficult to say good
.
Spot today due to the sharp decline in the market, in the current market demand for long orders, it is expected that today's market trading has improved, and holders continue to hold prices
.
It is expected that today's Shanghai copper 46200-46600 yuan / ton, spot premium 60-liter 100 yuan / ton
.
