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On Tuesday, the main force of Shanghai copper opened low at 43170 yuan / ton in the morning, and after the opening, the flat pushed copper prices higher to the highest point of the day of 43450 yuan / ton
.
However, the upward momentum was insufficient, and the copper price fell by about 100 yuan / ton, and the copper price fluctuated in the range of 43270-43450 yuan / ton before noon, and closed at 43330 yuan / ton
at midday.
In the afternoon, the long position reduction caused the copper price to fall to around
43100 yuan / ton.
Near the end of the day, short short positions increased their positions to suppress copper prices, closing at 43,040 yuan / ton, the lowest point of the day, down 620 yuan / ton, down 1.
42%.
Externally, Apanlon copper opened as low as $5266/ton, and fell to an intraday low of $5240/mt
after the open.
Copper prices bottomed out, testing the highest point of the day at $5284 / ton, and then trading sideways around $5270 / ton, with volatility only in the upper and lower $10 range
.
In the afternoon, London copper fell below the daily moving average
.
Entering the European session, London copper briefly recovered and fell again, and the center of gravity fell to 5250 US dollars / ton
.
As of 16:45, London copper closed at $5243/ton, down $37.
5/ton, or 0.
71%.
In terms of the market, the copper rebound was hindered to fall back to the first line of 43600 yuan / ton, and the price difference in the next month widened to the range of 230~250 yuan / ton compared with the previous day, and the continuous expansion of the monthly difference made the willingness of holders to dump goods for cash enhanced, and the discount was further expanded
。 Morning market good copper quotation began from flat water, flat water copper quotation discount 20 ~ 10 yuan / ton, the overall transaction is difficult to say, soon the market full discount is a landslide situation performance all the way expanded, flat water copper leading down to low discount 70 yuan / ton or so, good copper quotation reduced to 50 yuan / ton, wet copper down to about 110 yuan / ton, speculators favor low-priced sources, bargain buying is acceptable, market activity has been significantly improved compared with the previous day, and the willingness to receive goods has increased
.
In terms of news, China's April CPI and PPI data were released, recording 3.
3% and -3.
1% year-on-year, respectively, both lower than expected, PPI data reflects that domestic industrial product prices continue to decline
due to the impact of the epidemic and the continuous decline in international commodity prices.
In addition, Chile's National Mining Association said that copper demand will fall by 3.
5%-4% due to the new crown epidemic hitting the global economy, and the contraction in copper supply will not be enough to offset the decline in demand, and the copper market is expected to be oversupplied by 200,000 tons
this year.
The news sent bulls out of the market short-term and wait-and-see positions, and copper prices fell
.
The main force of Shanghai copper fell during the day, the KDJ three-line opening closed, and the 5-day moving average turned from a support level to a direct upper pressure level
.
