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On Wednesday, the main force of Shanghai copper 1708 opened immediately lower to 45630 yuan, after which the price range fluctuated, the price rebounded before the noon close, once rising to 46020 yuan, after which copper prices fluctuated in a narrow range, closing at 45960 yuan, down 110 yuan, down -0.
24%, index positions decreased by 12492 lots to 561,000 lots
.
In terms of external trading, LME March copper opened slightly lower at $5718 in the morning, and once dipped to a minimum of $5695 after a narrow range, after which the price rebounded and once turned red, and the price edged up to $5745 in the afternoon after a narrow range and a narrow range, and the Asian market closed at $5,739, up $9, or 0.
16%.
In terms of the market, the market trading in the mainstream trading session in the morning is general, close to the change of month, although the holders actively quote, but the downstream wait-and-see mainly, more delivery and exchange months after considering the receipt, the overall procurement confidence is weak, the market oversupply pattern appears, the spot continues to maintain a discount state, the transaction is general, and the transaction is mainly based on good copper sources
.
In terms of news, the afternoon market rumors that Thai rubber joint production cut, detonated the market to do more enthusiasm, while the added value of industries above designated size in May was 6.
5% year-on-year, the growth rate was flat and slightly higher than expected, suggesting that the national economy was stable and improving, and the afternoon black series rose sharply driven by the sharp rise in Tianjiao, but the Fed continued to be cautious before the June interest rate meeting, the current copper market is only rebounding, and the market continues to face greater supply pressure
.
From the futures disk point of view, Shanghai copper intraday low open high, the same as standing above the 5-day moving average, the current KDJ, MACD once again golden cross, copper market may continue to fluctuate in the range of 45500-46500 yuan, continue to pay attention to downstream procurement
.
