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On Wednesday, the Shanghai copper 1701 contract opened at 45760 yuan / ton, after the opening around 45700 yuan / ton a line of consolidation, then bulls led the copper price to stand on the daily moving average, accelerated upward in the afternoon to 46120 yuan / ton, and then some bulls took profits, Shanghai copper backtested the daily moving average, closed at 45760 yuan / ton at the small black line, up 150 yuan / ton
。 Intraday Shanghai copper high volatility sorting, 4-hour line close crosshair, RMB continued to depreciate, as of 17:30, the lowest depreciation to 6.
9311, but in the face of the regulator's re-action, the market is fearful, bulls performance hesitation, is expected to maintain a wide range of volatility in
the short term.
In terms of external trading, London copper opened at 5609 US dollars / ton, the Asian session London copper straight down, tested down 5581.
5 US dollars / ton, and then the long increase in positions pulled copper prices back above the daily moving average, around 5620 US dollars / ton shock sorting, in the afternoon with the Shanghai copper back up, London copper again attacked, the European session touched as high as 5649.
5 US dollars / ton, and then the bulls closed at a high level, copper prices pulled back, as of 17:30, London copper reported 5612.
5 US dollars / ton
.
Intraday London copper high consolidation, under the pressure of the regulatory layer, London copper temporarily closed continuous rally, it is expected that the short-term will still be dominated by wide volatility
.
On the macro front, as investors expected Trump's spending policy to stimulate economic growth and inflation, and the RMB remained hovering at an eight-and-a-half-year low against the US dollar, the market expected Chinese buyers to buy more copper to hedge the depreciation of the RMB.
In terms of the market, Shanghai copper flat finishing, market mentality has changed, holders are willing to raise prices, coupled with speculators and downstream market operations, the current copper discount has narrowed, low-end supply has decreased, mostly domestic brands, wet brand intraday supply is limited, downstream in the copper price stabilized when the volume of goods increased, the transaction has improved compared with yesterday, although the copper market has a slight adjustment during the day, but the market is mostly more views
on the trend of copper prices 。 In the afternoon, the market rose, the downstream buying interest weakened compared with the morning, the holders returned to the willingness to exchange cash at high prices again, the discount expanded slightly, flat water copper reported a discount of 100 yuan / ton - 90 yuan / ton, a premium copper report discount of 90 yuan / ton - 80 yuan / ton, the transaction price rose to 45700 yuan / ton - 45820 yuan / ton, the overall transaction first rose and then declined
.
Overall, copper failed to take advantage of the previous day's strong pattern to continue to expand upward, and the overall shock closed
.
In the short term, you need to pay attention to the 45400 line, once this position is broken, the upward trend of the bulls since 43000 may change into a shock pattern, if the 45400 support is effective, the market will continue to expand upward
.
Pay close attention to whether the 45400 support is effective, and you can defend all 45400
in the early stage.
