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On Wednesday, the main 1708 contract of Shanghai copper opened at 45110 yuan / ton, after the opening copper price around 45100 yuan / ton line consolidation, in the afternoon copper prices began to fall, the lowest touched 44850 yuan / ton, at 44880 yuan / ton to close the doji.
Intraday Shanghai copper continued the downward trend at the end of the day, and it is expected to be repaired
upward in the short term.
In terms of external trading, London copper opened at 5616 US dollars / ton, after the opening London copper first rushed to 5644 US dollars / ton, and then slowly fell back by the pressure of the middle rail, in the afternoon, copper prices plunged sharply, probed down to 5588 US dollars / ton after repairing upward, as of 17:00, London copper reported 5621 US dollars / ton
.
Japan's London copper fluctuated widely, there were many recent risk events, and copper prices fluctuated, or mainly repaired
upward.
On the macro front, long-term U.
S.
Treasury yields fell to a seven-month low on Tuesday as safe-haven Treasuries benefited investors amid unease ahead of Thursday's U.
K.
election, the European Central Bank meeting and the testimony of former FBI Director Comey in the Senate
.
In the UK general election, polls show that the ruling Conservative Party's leading edge over the opposition Labour Party is narrowing, making the Brexit process full of uncertainty
.
Weak U.
S.
economic data has dented expectations of a rapid rate hike this year, but the Federal Reserve is expected to raise rates
at its June policy meeting next week.
In terms of the market, Shanghai copper flat finishing, with some speculators in the afternoon a large number of market receipts, most of the holders of the quotation is relatively firm, further raise the current copper premium shipment, middlemen because of the close delivery into the market to receive goods at a low price, favor good copper, wet copper is still lack of interest, downstream demand-based, procurement is more cautious, middlemen are the main
body of market transactions.
In the afternoon, the plate dived, and the downstream fell into a wait-and-see state, flat water copper reported a discount of 10 yuan / ton - 10 yuan / ton, a premium copper report 10 yuan / ton - 30 yuan / ton, the transaction price was 44880 yuan / ton - 45090 yuan / ton
.
Intraday Shanghai copper main 1708 contract shock fall, the end of the market closed, short-term main support 44000, bearish thinking does not change, but short orders recommend gradually take profit, if 44000 support is effective, then try to go long
.
