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On Wednesday, the main 1705 contract of Shanghai copper opened at 47270 yuan / ton, the central bank's open market net withdrawal of 20 billion yuan, the shibor interest rate rose collectively, the two cities both opened low, after the opening long and short scramble, copper prices under pressure below the daily average of 47325 yuan / ton a narrow range of shock, intraday low to 47190 yuan / ton, below by the support of the 60-day moving average, a large number of short outflows in the afternoon, copper prices oscillated back to the daily average of 47415 yuan / ton to run, at 47300 yuan / ton / t / Tons closed at the small black line, almost holding the 60-day moving average, down 550 yuan / ton, down 1.
15%.
Intraday Shanghai copper low volatility, the 60-day moving average below the support is fragile, is expected to continue to weaken in the evening, test the support of the 60-day moving average, the large increase in inventory or there is room
to cooperate with the market short funds.
In terms of external trading, London copper opened at 5773.
5 US dollars / ton, during the Asian session London copper around the daily moving average of 5793 US dollars / ton repeated consolidation test, and then helped by China's trade balance data rose sharply, touched to 5810.
5 US dollars / ton, subject to the upper 60-day moving average, the European session LME announced that copper stocks increased by 26550 tons, copper prices fell sharply, as of 17:05, London copper reported 5785 US dollars / ton
.
Intran copper backed by the 60-day moving average oscillation, copper stocks continued to increase sharply, the opening of the lower Bollinger Road rail downward, the expected future market is weak and volatile, closer to the lower Bollinger Road
.
In terms of the market, Shanghai copper continued to decline, some speculators in the morning market still bought and sold the period, a large number of receipts, premium copper turned into premium quotation, flat water copper discount also narrowed sharply, wet copper favored by the downstream, but after entering the second trading session, Shanghai copper fell slightly, coupled with the narrowing of the basis of the next month, speculators made profits and shipments, the market supply increased, speculators chose the opportunity to enter the market, downstream favored low-end sources, and the transaction first rose and then declined
。 In the afternoon, the center of gravity of Shanghai copper moved up to the daily moving average to consolidate, the holder sold at a high price, the quotation was firm, and the inquiry was more, but the market was difficult to find a suitable source, flat water copper quotation discount 70 yuan / ton - discount 60 yuan / ton, premium copper quotation flat water - premium 40 yuan / ton, the transaction price rose to 46920 yuan / ton - 47120 yuan / ton
.
In terms of inventories, LME stocks continued to surge by 26,725 tonnes to 262,000 tonnes yesterday, and LME spot discounts expanded by $4 to $18.
25
.
Yesterday, LME inventories surged for the second day in a row, and from the perspective of growth structure, the growth of inventories still mainly came from the Asian library, of which Busan added another 12,000 tons and Singapore added 12,000 tons
.
LME stocks have increased by 66,000 tonnes in two days so far and we continue to closely monitor changes
in LME stocks.
Domestic spot discount narrowed by 55 yuan to 90-liter 40 yuan, market supply increased, downstream bargaining into the market to receive goods, the overall transaction first rose and then declined
.
Overall, considering that the supply and demand side of the copper market has indeed improved, coupled with the upcoming traditional consumption season, the downstream has begun to enter the market, and the performance expectations of copper prices in the peak season are still optimistic, and activists can still buy
on the dip on the pullback.
Domestic price data will be released on Thursday, interest rate decision by the European Central Bank on the same day, and US non-farm payrolls data on Friday, pending further guidance
on the news.
