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On Tuesday, after the main force of Shanghai copper 1708 opened slightly lower to 46430 yuan, the price fluctuated in a narrow range, but in the afternoon in the context of the black surge passively followed, copper prices fluctuated higher to 46750 yuan, closing at 46720 yuan, up 180 yuan, or 0.
39%, index positions decreased by 5072 lots to 563,000 lots
.
In terms of the external market, LME March copper opened slightly lower at $5798 in the morning, then fell to a minimum of $5779.
5, the price rose at the end of the day after a period of sideways at the bottom, the price once rose to $5831.
5 after the high oscillated, the Asian market closed at $5822, up $20.
5, or 0.
35%.
In terms of the market, the market trading in the morning mainstream trading session continued to remain light, in terms of spot, the enthusiasm of the holders was general, the mainstream spot discount was almost unchanged from the previous day, a small number of traders loosened the discount to promote the transaction, the trading between traders was active, the volume of moving goods increased, but near the end of the quarter, the downstream procurement situation within the day was poor, and the transaction was not good
.
Among them, good copper C120-C110 yuan / ton, flat water copper C150-C140 yuan / ton, wet copper C180-C170 yuan / ton
.
In terms of news, the preliminary value of durable goods orders in the United States fell by 1.
1% month-on-month in May, less than market expectations, copper prices fell with the trend, but the release of data showed that the profits of industrial enterprises above designated size in May increased by 16.
7% year-on-year, indicating that the domestic economic situation continued to improve, and the black series rose sharply in the afternoon, driving market sentiment, and the zinc market also rose for a while, making the copper market rise
.
However, London copper and Shanghai copper spot have been in a discount state, the upward momentum is not sufficient, and the rally is not expected to be sustainable
.
From a technical point of view, Shanghai copper continued to soar during the day, MACD, KDJ gold cross is still the same, the price temporarily returned to the long market, but the pressure at the upper half of the line is huge, copper prices face the possibility of continuing to decline, continue to pay attention to downstream procurement
.
