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On Wednesday, the main force of Shanghai copper 1706 months opened high, after the morning open, it fell sharply from the high of the previous evening, and maintained a unilateral downward trend below the daily moving average, at noon the lowest point of 46480 yuan, midday volatility sorting, and finally closed at 46580 yuan, down 290 yuan, down 0.
62%, and the position decreased by 1254 hands to 185484 lots
.
In terms of external trading, intraday LME March copper opened low and went
low.
It opened at $5,790 in the morning, jumped from the highest point of $5,792 after the opening and continued to fluctuate downward, briefly rebounded sideways at midday, and continued to slide until the lowest point of $5,740.
5 at the end of the session, and closed at $5,755 during the domestic trading session
.
On the macro front, the market's expectations for the US dollar interest rate hike increased, the US dollar exchange rate rose, and metal prices fell under pressure across the board
.
April's official and Caixin PMI data were both lower than expected, reflecting that the financial regulatory storm that began in March has begun to affect the real economy
.
As financial deleveraging becomes an important goal at present, the speed of capital tightening is accelerating, bank lending rates continue to rise, corporate financing is more difficult, and the rebound of the real economy may also come to an end; In addition, real estate control measures are still increasing, and it is necessary to pay attention to the growth trend of real estate investment or an inflection point
.
In terms of the market, intraday market trading is light
.
Spot remained premium and rose
slightly.
Traders were eager to sell, and the premium jumped at the beginning of the afternoon, and traders shipped a small amount
.
Downstream manufacturers purchased on the dip last week, and their willingness to chase up this week was weak and they held a wait-and-see attitude
.
The afternoon premium continued to rise compared with the morning, good copper reported at B50-B70 yuan / ton, flat water copper B20-B40 yuan / ton, wet copper C10-B00 yuan / ton or so
.
The current spot market performance is still light, traders are reluctant to sell, spot premiums continue to rise, and downstream has been bargain hunting last week, and the current willingness to chase up is weak
.
From a technical point of view, the Shanghai copper 1706 contract, daily level, daily K-line is supported at the 20-day moving average, but the gap below has not been fully filled, and it is expected that it will continue to make up the gap
slightly downward in the short term.
