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After the opening of the Shanghai copper 1606 contract on Tuesday, affected by the downward shift of the center of gravity of London copper, the bulls quickly reduced their positions to a low level, and then the Shanghai copper fluctuated in a narrow range around 36,700 yuan / ton
.
In the afternoon, A-shares rose, bears reduced their positions, copper prices were raised to the highest level of the day of 36850 yuan / ton and then blocked to fall, and then hovered around 36780 yuan / ton, closing at 36730 yuan / ton at the small white line
.
In terms of external trading, London copper opened at 4764 US dollars / ton on Tuesday, affected by China's A shares, London copper opened low and high, broke through the daily moving average, touched the high of 4810 US dollars blocked, the dollar soared higher at the end of the Asian session, London copper high fell back, continued to be under pressure after entering the European session, and the intraday gains were basically erased
.
As of 18:30, London copper was at $4,756 / ton, down $13 / ton
.
On the macro front, at the beginning of the month, the market lacked a clear direction, the dollar index oscillated widely in a repeated tug-of-war, gold was also dominated by sideways, and the US S&P index fell yesterday again to put the year's return into negative territory
.
On the news side, good and bad, the ISM services index in the United States hit a new high in March in March, providing more than 80% of jobs, indicating that the US economy is still expanding moderately; The weaker performance of the Eurozone services sector and a decline in German industrial orders in February weighed
on Eurozone equities.
In terms of the copper market, it is still in China's peak consumption season, downstream consumption has not decreased significantly, the shortage of scrap copper has led to a shift in consumption to copper substitution and a decrease in imported copper, and Shanghai copper inventories have begun to decline last week, indicating that the spot pressure on Shanghai copper has decreased
.
However, the later orders of the main copper industry such as cables and air conditioners are weak, and the peak season does not last long, resulting in the market reflecting in advance that the price of the peak season in April will be repeated, but the peak of the peak season will end, and the price will be difficult to increase significantly, or it will be a pattern
of gradual weakening.
Future market analysis: At present, most of the industrial products hold a volatile trend, while the domestic copper price pullback pressure is suspended, showing strong support below, and the space for continued decline is limited, but under the overall weakness, the upper pressure is also more difficult to break through, and the recent may continue the volatile trend, continue to pay attention to the 36,000 above support, waiting for the direction to be clear
.
