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Shanghai copper and London copper fell sharply on Friday night, London copper fell to the 5600 US dollars / ton mark, the lowest level to 5624 US dollars / ton, Shanghai copper fell below the 46000 yuan / ton mark, the lowest level to 45990 yuan / ton
.
The Shanghai Copper Index increased its short position by nearly 15,000 lots to 646,000
.
The sharp decline in copper prices was mainly due to renewed tensions between China and the United States, and the deterioration of the trade situation again, which plunged
sharply.
At present, Sino-US trade issues have once again become the focus of market attention, not optimistic in the short term, market risk aversion has heated up again, gold highs have risen again, Powell in the United States has spoken neutrally, the overall preference for moderate monetary policy, the market is waiting for the G7 summit to further judge the trend
of interest rate cuts.
The overall global macroeconomic weakness continues, and the intensification of trade conflicts will make the macroeconomy worse, and the overall market is bearish
for copper prices.
It is expected that copper prices will remain low today, the current Shanghai copper close entity large black column, down the Bollinger lower band, MACD indicator lengthened the green column, and the K line is currently in a five-consecutive negative situation, the technical point of view Shanghai copper upward resistance is too large
.
The LME is closed today due to the UK summer bank holiday
.
Since there is still a part of the long-term order delivery background of spot goods, and the current market price has fallen sharply, the overall trading activity of the market will improve, which also gives holders the confidence
to hold up prices.
It is expected that today's Shanghai copper 46000-46500 yuan / ton, spot premium 50-liter 90 yuan / ton
.
