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On Tuesday, the main force of Shanghai copper 1707 opened slightly higher, then fell back to a narrow range, the price rebounded before noon and successfully turned red, after which the price fell slightly, but the copper price plunged sharply at the end of the day, closing at 44880 yuan, down 350 yuan, down -0.
77%, and the index position increased by 10,510 lots to 591,000 lots
.
In the external market, LME March copper opened sharply lower at $5637 in the morning, then the price fell slightly to $5631, and fluctuated in a narrow range at the bottom, then the price rebounded and once turned red to $5650, and the price rose again to $5659.
5 in the afternoon, after which it came under pressure, and the price crashed at the end of the day, and the price closed at $5614 at the close of the Asian market, down $34, or -0.
60%.
In terms of the market, the market trading in the morning mainstream trading session is general, copper prices stabilized slightly, holders insisted on premium price shipments, downstream users waited for the premium pullback in the case of sluggish consumption, supply and demand were slightly deadlocked, the afternoon premium was slightly increased to C80-B30, downstream procurement and stocking demand was weak, low-price sources were slightly better transactions, flat water copper transactions were poor, and afternoon transactions improved
.
Among them, good copper B20-B30 yuan / ton, flat water copper C30-C20 yuan / ton, wet copper C80-C70 yuan / ton
.
In terms of news, the current LME inventory continues to decrease, but the cancellation of warehouse receipts still exceeds 50%, last Friday's bonded warehouse copper inventory showed a sharp increase, indicating that imports can not be digested, inventory backlog is obvious, Shanghai copper morning show sideways operation, the current consumption off-season weakness dragged down the price recovery, while Sino-US economic data show that the slowdown in economic growth has also put significant pressure on the copper market, in addition to the continued appreciation of the RMB exchange rate has made domestic copper prices lose their advantage
.
From the futures plate, Shanghai copper fell below the moving average today, and here is also the descending flag descending trend line position, the current KDJ high dead cross, MACD close to the dead cross, copper market still has the possibility of falling, continue to pay attention to downstream procurement
.
