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Copper continued to fall under pressure on Thursday, and the Shanghai copper main contract 1607 contract closed at 35200 yuan / ton at the end of the day, down 0.
56% from yesterday's closing price, and the daily closing price hit a new low since January 26 this year, and Shanghai copper is currently running below the main moving average group, and the short-term downside risk has not been fully released
.
In the external market, Asia Lun copper continued to fall under pressure, of which the 3-month LME copper fell 1.
13% to $4581 / ton at the close of the Shanghai copper market, and the current London copper is still running below the moving average group, indicating that the upper selling pressure is heavier, its performance is slightly weaker than Shanghai copper, and the daily closing price is close to the low set on February 17 of the year
.
On the macro front: The minutes of the Fed's April monetary policy meeting released on Wednesday showed that expectations of a Fed rate hike in June climbed, causing the dollar index to rebound further to around 95.
1, which is not conducive to a further rally
in base metals.
At the same time, the Shanghai Composite Index continued to come under pressure during the day, partially suppressing market sentiment
.
In terms of market: on May 19, Shanghai electrolytic copper spot reported a premium of 40-80 yuan / ton, and the transaction price of flat water copper was 35350-35500 yuan / ton
.
In the morning, the quotation of holders continued to rise, and Pingshui copper reported a premium of 60 yuan / ton, but with the inflow of some deliveries, the source of goods increased and the brand increased, and the intraday premium narrowed slightly
.
However, large traders have not yet seen a large number of shipments, and some non-stock traders are looking for low-priced sources for inventory, which has slowed down the premium and returned to the deadlock between supply and demand
.
Near midday, copper prices fell, leaving the spot market trading almost frozen
.
Overall, the intraday Shanghai copper 1607 oscillation fell to 35200 yuan / ton, hitting a new recent low, indicating that the upper selling pressure was heavier, which increased technical selling
.
Operationally, it is recommended that the Shanghai copper 1607 contract can still hold short orders cautiously below 35,800 yuan, and the first support below will continue to focus on 35,000 yuan / ton
.
