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On Tuesday morning, the main 1906 contract of Shanghai copper opened at 49400 yuan / ton, after the opening due to the bulls actively increasing into the market, the overall copper price showed a slow upward trend before the afternoon, and soon after the opening it fell to a low of 49360 yuan / ton, and then continued to test
upward.
Until the afternoon, affected by the external market, copper prices accelerated, the end of the session to test the high of 49660 yuan / ton, and after a short hovering at the high, the performance of a slight correction, closed at 49480 yuan / ton, down 60 yuan / ton, down 0.
12%.
In terms of external trading, Asian market, London copper opened at 6489.
5 US dollars / ton, after opening at 6494 US dollars / ton, long positions were reduced, copper prices quickly fell back below the daily moving average, oscillating downward, before noon to test down 6470.
5 US dollars / ton, after the low short-term shock, due to the US dollar performance pullback, copper prices above the pressure weakened, began to climb upward, noon basically fluctuated at 6488 US dollars / ton line
.
Entering the European market copper price amplitude expanded, around the daily moving average to do a wide range of nearly 40 US dollars / ton, during the period of 6513.
5 US dollars / ton, as of 17:00, London copper reported 6497 US dollars / ton
.
In terms of the market, affected by the collective decline of U.
S.
stocks overnight, copper prices performed in a narrow range, and intraday Shanghai copper fluctuated
around 49300~49400 yuan / ton range.
On the first day after the month change, the morning market quotation was firm, the holder reported a discount of 40 ~ 60 yuan / ton, the market inquiry was positive, good copper was especially favored by the market, the active buying transaction was around 60 ~ 70 yuan / ton, the quotation of flat water copper was raised to a discount of 30 yuan / ton, the market bought strongly, and the transaction was enthusiastic
.
The intraday market transaction atmosphere improved significantly, traders led the tide of receipts, and the degree of downstream follow-up buying increased
.
Based on the expectation of tight supply in the future market, the spot discount of flat water copper will be quickly collected
.
In the afternoon, although the plate price rose, due to the centralized maintenance of smelters led to tight domestic spot expectations, traders still have expectations that the current market premium will continue to rise, the enthusiasm for taking goods is still enthusiastic, holders continue to follow the trend to raise prices, quotations quickly increased
.
On the macro front, U.
S.
stocks and the US dollar rose, and U.
S.
bond yields rose, putting slight pressure on copper prices; U.
S.
crude inventories fell, oil prices continued to rise, slightly more copper prices
.
In terms of industries, tight supply expectations still exist, and domestic inventories continue to move down, and the support below is strong, but it is difficult to improve the marginal demand side, which also hinders the rebound
of copper prices.
