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On Wednesday morning, China's central bank continued to put a net 10 billion yuan into the open market, and the Shanghai copper main 1706 contract opened at 45,350 yuan / ton
.
At the beginning of the session, Shanghai copper slightly tested down to 45270 yuan / ton, and then the short position copper price returned to the daily moving average near the consolidation, in the afternoon in the black rally driven by the short position reduction, Shanghai copper strongly pierced the 20-day moving average, recorded a high of 45650 yuan / ton, after the high consolidation of some long profit outflow, copper prices gave up most of the previous gains, closed at 45390 yuan / ton, up 100 yuan / ton
.
Shanghai copper is still running in the 5 and 20-day moving averages during the day, and the late fall shows that the pressure on the upper 20-day moving average is greater, and after the close, with the sharp decline in the external market, it is expected that Shanghai copper will test the 5-day line
downward.
In terms of external disk, London copper opened at 5606 US dollars / ton
.
At the beginning of the Asian session, London copper around the daily moving average narrow range, and then relying on the daily average slowly higher, in the afternoon in the black tie under the London copper straight line pulled up to the intraday high of 5640 US dollars / ton, a little sorting out after the long position outflow, London copper fell in the process of daily moving average support, still has the intention of pushing up copper prices, but with the LME copper inventory announced a large increase of 17100 tons, ending the previous seven consecutive declines, London copper heard the news diving, wiped out the full intraday gains, as of 17:00, London copper reported 5595.
5 US dollars / ton
。 Intraday London copper rushed back down, the plate of London copper is still in the range of oscillation, 5, 20 day line gradually narrowed the gap, inventory surge will hit copper prices, pay attention to the effectiveness of
support at the 5-day moving average.
On the macro front, due to the bad weather, new housing starts in the United States started 1.
172 million units in April, falling short of the expected value of 1.
26 million and hitting a five-month low
.
The dollar retreated under pressure on Tuesday, giving the copper market some rebound momentum
.
According to the official website of the People's Bank of China, the central bank's open market on Tuesday carried out 150 billion yuan of 7-day reverse repurchase operations, 40 billion yuan of 14-day reverse repurchase operations, and the central bank's open market had 20 billion yuan of reverse repurchase expiration, with a net investment of 170 billion yuan, the largest in the past four months
.
Recently, the central bank has restarted reverse repurchase and increased open market operations, and regulators have continued to calm the panic caused by financial supervision, and the overall market sentiment has temporarily eased
.
In terms of the market, Shanghai copper narrow range, the mainstream range of intraday fluctuations is only about 20 yuan / ton, holders maintain stability and cash, supply is still abundant, the basis of the next month is limited, speculators lack speculation space, downstream wait-and-see, transaction has not improved, supply and demand are still obvious
.
In the afternoon session, the market rose sharply, and the holders took the initiative to reduce the premium to seek transactions, flat water copper newspaper discount 60 yuan / ton ~ discount 40 yuan / ton, good copper newspaper discount 40 yuan / ton ~ discount 20 yuan / ton, but the current position downstream recognition is not high, the transaction is suppressed, the afternoon transaction price is 45300 yuan / ton ~ 45520 yuan / ton
.
Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds and the joint supervision of the financial industry have been putting pressure on the copper market, and the downstream has always entered the market in the peak consumption season, with the end of the consumption season, the supporting role of terminal consumption on copper prices will gradually weaken, and the medium-term maintenance of a bearish idea, short-term domestic economic data weakness or bring financial supervision is expected
to be briefly relaxed.
