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On Wednesday, the main contract of Shanghai copper 1910 opened at 46250 yuan / ton in the morning, and after the opening, the copper price remained stable at 46280 yuan / ton for narrow range shock finishing, and the amplitude did not exceed 100 yuan
.
Until the afternoon, due to the good performance of the domestic stock market today, boosting market confidence, superimposed on the market's consumption expectations for the domestic "gold nine silver ten", copper market bulls increased positions positively, copper price performance actively rebounded, the end of the session high 46620 yuan / ton, closed 46620 yuan / ton, up 260 yuan / ton, up 0.
43%.
In terms of external trading, Apanlon copper opened at 5611 US dollars / ton, and maintained consolidation
after the open.
The pound began to recover
against the dollar as the UK Parliament passed a motion against a no-deal Brexit and the market was cautiously optimistic.
Copper prices also began to rise at 9 o'clock to around $5635/ton, and remained volatile
.
China's Caixin Services PMI release in the morning unexpectedly raised market risk appetite slightly, and copper prices began to rise again in the afternoon
.
After entering the European session, the dollar retreated, mainly because the US macro data was less than expected to strengthen the market's expectations of the Fed's interest rate cut, and the copper price rally continued, intraday higher than 5699.
5 US dollars / ton
.
In terms of the market, overnight Shanghai copper jumped low to 45,700 yuan / ton and gradually recovered the decline and rose above 46,000 yuan / ton, and Shanghai copper was sorted
out along the line of 46,200 yuan / ton.
After the fall of copper futures, the holders are more determined to raise the price, follow the trend to raise the water, the morning market quotation premium 90 ~ premium 120 yuan / ton, flat water copper low price transaction is acceptable, raised to around 100 yuan / ton, good copper actively traded in premium 110 yuan / ton, the market flat water copper favor is higher than good copper; Wet copper was slightly raised to 40 yuan / ton of the first line, and some downstream bargain hunting replenishment
.
The limited supply of intraday circulation makes it difficult for traders to have room to reduce prices, the market voice continues to be under the control of sellers, traders and downstream are more active, and the premium may continue to rise
.
In the afternoon, although the market price was higher, due to the limited supply of goods in the market, the holders firmed their quotations, and the afternoon quotations continued to rise
.
During the day, due to the decline in market risks, and due to the unsatisfactory performance of the US manufacturing industry, the market strengthened the Fed's interest rate cut operation again, which was good for copper prices, and the recent copper price performance broke through the 46,000 yuan / ton mark and quickly repaired, and the recovery of domestic fundamental consumption played a supporting role
.
The main force of Shanghai copper closed the long Yang column during the day, breaking through the obstacles of multiple recent moving averages above, and the KDJ indicator also showed a good
opening and upward expansion.
Wait for the guidance of the external market to test whether Shanghai copper can continue to test and stand firm at 46,700 yuan / ton
.
