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On Tuesday, the Shanghai copper 1608 contract opened at 35830 yuan / ton, suppressed by the previous high in the morning, the bulls closed their positions sharply, copper prices fluctuated all the way down to 35480 yuan / ton, late afternoon volatility stabilized, stimulating short liquidation outflow, closing at 35570 yuan / ton, up 110 yuan / ton, up 0.
31%.
In terms of the external market, London copper opened at 4631 US dollars / ton, after the opening London copper first slightly rushed to 4643 US dollars / ton, the high level stimulated a large outflow of long profit orders, copper prices all the way down, low touch 4603 US dollars / ton, at 4600 US dollars / ton after rebounding, and then turned all the way down, as of 17:30, London copper reported 4602 US dollars / ton
.
In terms of the market, the Shanghai copper high opening shock fell back, and the copper premium first rose and then closed
.
Due to the approach to half a year, some traders have the willingness to exchange cash at the high, in the second trading session, good copper reported a premium of 110 yuan / ton in the month, and a flat water copper report of 70 yuan / ton in the month, attracting a wave of buying fever, promoting flat water copper to return to the premium 80-90 yuan / ton, but the good copper stalemate at the premium 100-110 yuan / ton, good copper under the flat water copper price support, but the upper push height is blocked
doubtful.
In the afternoon, copper prices remained weak, market inquiries were active but it was difficult to find low-priced sources, market trading activity was average, and trading was concentrated among
traders.
In terms of news, data released by the General Administration of Customs of China showed that China's imports of unwrought copper (including copper alloys) rose 19% year-on-year to 380,000 tons in May this year, the lowest level
in the year.
Unwrought copper (including copper alloys) imports reached a maximum of 530,000 tons in March and have fallen for two consecutive months, which is consistent with the trend of domestic unwrought copper and copper imports, China's May refined copper import data has not yet been released, from the released foreign trade data and the continued closure of the domestic import window in May, it is speculated that domestic refined copper imports in May may show a downward trend
.
Overall, copper prices are still in a low and dense range, focusing on the performance of the LME around $4700 in the short term
.
The domestic resistance is 36,000/300 yuan
.
Trade on the sidelines and wait for the situation to clear.
