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On Tuesday morning, the main 1809 contract of Shanghai copper opened at 49,780 yuan / ton, and the bulls increased their positions at the beginning of the session, and copper prices climbed slightly, but were hindered at 50,000 yuan / ton, and then briefly consolidated
along the 49,800 yuan / ton line.
At noon, bulls continued to replenish positions, copper prices slightly upward touched higher, to the intraday high of 50,000 yuan / ton, bulls took profits, copper prices fluctuated back down, closing at 49830 yuan / ton, down 110 yuan / ton
.
In terms of external trading, London copper opened at 6242 US dollars / ton, fluctuating along the 6240 US dollars / ton line at the beginning of the session, and the high was 6252 US dollars / ton during the period, as low as 6225 US dollars / ton
.
At noon, bulls increased their positions, copper prices rose to touch $6270, in the afternoon basically gave up all the gains of the previous evening, fell all the way after falling below the daily moving average, to the intraday low of $6202 / ton, the 10-day moving average to get support low rebound, as of 17:30, London copper reported 6214.
5 US dollars / ton
.
In terms of the market, the Shanghai copper fluctuated in a narrow range above the daily moving average, and the performance was suspended after the sharp depreciation of the previous day, the import of copper into the market was limited, and domestic inventories continued to decline, which further enhanced the willingness of holders to control the price of goods, and there was a premium quotation state
at the end of the month.
Downstream month-end buying was blocked, and wet copper narrowed the most than the previous day, with a discount of about
60 yuan / ton.
Traders are once again leading the market, and if the subsequent supply is not significantly amplified, the holders will push up the water
again.
In the afternoon, the market rose slightly, although the market inquiry atmosphere is strong, but the actual transaction is limited, mainly due to the gradual reduction of market supply, the depreciation of the yuan, traders have little profit space, the willingness of holders to sell at a high price, plus today is the last day of July, and there are few downstream receipts
.
On the news front, Chuquicamata copper miners owned by Chile's national copper company (Codelco) left their jobs on Monday morning to protest the "improper dismissal" of two workers, while the threat of a strike at the world's largest copper mine also supported copper prices; However, under the influence of the trade war and other factors, China's manufacturing PMI continued to fall, and doubts about the demand outlook put pressure on copper prices, and it is expected that copper prices will fluctuate in the short term
.
