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Copper trading was light on Tuesday, and copper prices continued to be blocked
.
Shanghai copper rushed back down in the morning, Shanghai copper 1610 contract opened high at 36400 yuan / ton, after the opening of the short cover, copper price reduction rose intraday broke through the 5-day moving average, high touch 36520 yuan / ton, then bulls on the high shipment, copper prices all the way down, the afternoon by the strengthening of the US dollar suppressed, copper prices fell back to the lowest 36240 yuan / ton
.
The 1610 contract ended at 36260 yuan / ton, down 110 yuan / ton
.
In the external market, London copper opened at 4625.
5 US dollars / ton, during the Asian session, the strong trend of crude oil drove copper prices to rise at a low level to touch 4646.
5 US dollars / ton, crossing the 5-day moving average after the pressure of the US dollar and falling, diving sharply in the afternoon; Entering the European session, under the continuous re-pressure of LME inventories, London copper retested the low, as of 17:00, London copper reported 4614 US dollars / ton, down 0.
14%, U.
S.
crude oil 10 reported 47.
36 US dollars / barrel, up 0.
81%, the dollar index reported 95.
779, up 0.
23%.
On the macro front, the market is currently focusing on PMI data from major global countries on September 1 and US employment data
on Friday.
From the perspective of China, China's official PMI fell slightly to 49.
9 in July, and Caixin PMI rose from 48.
6 to 50.
6, the difference in data is related to both the size of the company and the flooding in the south in July, but considering that the country has not introduced new stimulus policies recently, the August data is still difficult to predict.
According to Shanghai Securities News, in the past two months, the National Development and Reform Commission has intensively approved 12 infrastructure projects with a total investment scale of 284.
9 billion yuan, considering the role of infrastructure projects in supporting the economy, in the current domestic macroeconomic environment, the implementation of infrastructure projects in the next few months is worth paying attention to
.
In terms of the market, the Shanghai copper range fluctuated, and continued to operate
below 36,500 yuan / ton.
Imported wet copper is relatively small, which continues to support the quotation premium of copper and flat water copper, but the downstream buying order is light, which cools the actual transaction
.
Low intraday volatility hinders traders' speculative enthusiasm
.
Good copper quotations are maintained at 30-50 yuan / ton of water premium, flat water copper reports about 20 yuan / ton, and individual low-end flat water copper pulls down the lower limit
.
The intraday market conditions are relatively deadlocked, and the characteristics of the end of the month are obvious
.
In the afternoon, copper prices dived, and the continuous rush back down led to a revival of downstream wait-and-see sentiment, reporting a premium of 10-50 yuan / ton, and a transaction price of 36310-36460 yuan / ton, and the quotation of wet copper was firm
.
At present, copper prices have fallen from mid-July and are now close to this year's consolidation range support line, and whether this price support is effective will determine whether the center of gravity of copper prices will continue to move
downward.
