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On Wednesday morning, the main 1906 contract of Shanghai copper opened at 49070 yuan / ton, and after the opening, the short-term high of 49120 yuan / ton, and then the performance followed the external market down, slowly oscillating downward, copper prices fell to the daily average before noon, testing down 48930 yuan / ton
.
In the afternoon, copper prices returned to a low level, but failed to break through 49080 yuan / ton, after repeated testing below this level, bears continued to increase positions, copper prices weakened, closing at 48960 yuan / ton, down 190 yuan / ton, down 0.
39%.
In terms of external trading, Asian market, London copper opened low at 6414.
5 US dollars / ton in the morning, after the opening forced by the overnight US dollar continued strong pressure, copper prices tried to struggle to climb the daily average unsuccessful, slowly oscillated downward, until the end of the Asian market, copper prices tested 6399 US dollars / ton
.
But soon copper prices began to rise from a low level, and the Asian market had broken through the daily moving average
at the end of the Asian session.
Entering the European market, after hovering in a narrow range near the daily moving average at the beginning of the session, the dollar fell slightly from the high, copper prices began to rise sharply, and bulls actively entered the market, as of 17:00, London copper was reported at $6440 / ton
.
In the market, the dollar rose to a high of 97.
8 overnight, a new high since May 2017, and Shanghai copper followed the decline in copper, and Shanghai copper broke 49,000 yuan / ton
。 There are many market shipments, morning market holders from flat water ~ liter 90 yuan / ton began to quote, but because the previous day has begun to show the source of discounted supply, there is a complete lack of response in the day, in a blink of an eye actively adjusted to discount 20 ~ liter 70 yuan / ton, the market buying interest is still low, helpless to appear the situation of holders competing to reduce prices, concentrated transaction in flat water copper discount 30 yuan / ton and there is still room for price pressure, good copper quotation premium 60 ~ 70 yuan / ton, the market response is cautious, wet copper in a large number of low prices of individual traders, the quotation from the morning discount 70 ~ 60 yuan / ton is reduced to discount 100 ~ discount 90 yuan / ton
.
The increase in the willingness to exchange for cash in abundant supply has broken the long-standing deadlock pattern of supply and demand, and the spot discount has expanded all the way, showing the characteristics of common decline in futures and cash, and once again showing the characteristics of
oversupply.
Front-month contracts remain almost non-spread, leaving traders speculating
.
In the afternoon, the morning trading status continued to be maintained, the market maintained a light pattern, and individual traders still continued to lower their quotations in order to seek transactions
.
Weak downstream consumption, further bearish and discounted, spot quotations may not stop for the time being
.
