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On Tuesday, the main 1808 contract of Shanghai copper opened at 51490 yuan / ton, the copper price at the beginning of the session around the opening price around a narrow range, and then the amplitude gradually expanded, intraday low to 51330 yuan / ton, in the afternoon, copper prices returned to the opening price nearby, maintain sideways, half an hour before the close, bears successively reduced their positions and left the market, copper prices rose to above the daily moving average, high to 51670 yuan / ton, closed at 51630 yuan / ton, down 230 yuan / ton
.
In terms of external trading, London copper opened at 6716 US dollars / ton, after the opening of the center of gravity of London copper gradually moved up to 6742 US dollars / ton, and then the upward momentum was insufficient, London copper quickly fell back to the low level of 6707 US dollars / ton, 6700 US dollars / ton integer after the support, London copper low rebounded to the daily average of 6725 US dollars / ton near the shock operation, after entering the European and American session, the center of gravity of London copper moved up again, the high to 6744 US dollars / ton, as of 16:50, London copper reported 6738 US dollars / ton
.
In the market, Shanghai copper continued to decline overnight, breaking the 60-day moving average within the day, further sliding towards the 51,000 yuan / ton mark
.
The cargo holder accelerated the speed of cash exchange, the quotation was positive, and the morning market reported a discount of 180~130 yuan / ton
.
Near the end of the month, the financial pressure is heavier, the holder strives to deal, and it didn't take long for the quotation to further expand to flat water copper discount 200 ~ 180 yuan / ton, good copper discount as low as 170 ~ 150 yuan / ton, a small number of downstream bargain buying prefer low-priced wet copper, wet copper quotation discount of about
280 yuan / ton.
The end of the month will be settled in half a year, capital factors dominate the market quotation, the market is pessimistic about the later copper price trend, although the discount has a further expansion trend under the restriction of funds, but it is difficult to increase trade activity accordingly
.
In the afternoon session, the supply of monthly tickets is more scarce, in order to exchange cash, the holder is more active in quotation, it is expected that the flat water copper expansion to the discount of more than 200 yuan / ton should not be much suspense
.
On the news front, oil prices fell
on Monday as investors prepared for an additional 1 million barrels of crude oil supplies per day after the Organization of the Petroleum Exporting Countries (OPEC) agreed to increase production, and trade war fears dragged U.
S.
stocks down.
The dollar also fell to a two-week low against the Japanese yen on Monday, and investors have turned cautious
after US President Donald Trump threatened to impose a 20 percent tariff on cars imported from the European Union on Friday and the EU said it would be forced to take retaliatory measures.
Escalating trade-related disputes dragged global stock markets down
.
In addition, the risk of strikes at Chilean copper mines has revived, and supply concerns have reignited, but the escalating trade disputes with China, the European Union and other countries or organizations provoked by the United States continue to put pressure on the commodity market, and Shanghai copper is expected to maintain a volatile trend
.
