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On Tuesday, the main 1709 contract of Shanghai copper opened at 46870 yuan / ton, copper prices fell slightly after the opening, and received support at the 20-day moving average, the low level was 47670 yuan / ton, and then the copper price fluctuated upward, around 46860 yuan / ton a line of consolidation, in the afternoon, base metals collectively rose, bulls actively increased positions, bears also reduced positions and left the market, Shanghai copper rose sharply, broke through the 5-day moving average, the upper pressure on the 10-day moving average can not continue to rise, and finally closed at 47050 yuan / ton, up 190 yuan / ton
。 During the day, commodities were widely red, risk appetite prevailed, black series continued to rise, Shanghai copper low rebounded, the 20-day moving average below effectively supported, is expected to maintain a range shock trend
in the short term.
In terms of external trading, London copper opened at 5830 US dollars / ton, the beginning of the session copper price extended the daily moving average down, the center of gravity fell, low to 5820 US dollars / ton, and then the low rose above the daily moving average, around 5831.
25 US dollars / ton oscillation running, in the afternoon, with the strengthening of the pound and the euro, the dollar index passively weakened, base metals collectively upward, London copper also quickly rose, broke through the 5-day moving average, the high recorded 5863 US dollars / ton, bulls closed their positions at a high level, copper prices pulled back, as of 16 :30, London copper reported 5846.
5 US dollars / ton.
In terms of the market, the Shanghai copper range fluctuated, the morning market holders opened the price adjustment mode, flat water copper flat water above the quotation has been difficult to trade, good copper maintained stable at about 20 yuan / ton of premium, individual large traders a large number of imported flat water copper shipments for cash, quotation discount of about 30 yuan / ton, rapid price adjustment, the market in a strong inquiry and price pressure atmosphere, traders low price replenishment increased than yesterday, downstream to maintain just demand, wet copper quotation steady, before delivery good copper force above flat water, flat water copper discount expansion made the transaction significantly improved
。 In the afternoon session, the market rose sharply, the holder had no intention of expanding the discount, the quotation maintained stability, the uncertainty of the future market made the market transaction atmosphere significantly weaker than in the morning, the discount was maintained at the morning level, flat water copper reported a discount of 20 yuan / ton - flat water, good copper reported flat water - 20 yuan / ton, the transaction price rose to 46660 yuan / ton - 46800 yuan / ton
.
On the news front, U.
S.
Treasury yields fell on Monday, in line with weakness in the European bond market, as yields rose sharply after Friday's strong U.
S.
jobs report, prompting investors to consolidate their positions
.
A surprise surge in U.
S.
jobs in June, despite slow wage growth, confirmed expectations that the U.
S.
economy is steadily improving, supporting the Fed's path
to tightening policy.
The dollar rose against the yen on Monday as the Bank of Japan last week offered unlimited purchases of government bonds, drawing investors to bets
that the monetary policy outlook of the Federal Reserve and the Bank of Japan will be diametrically opposed.
LME three-month copper closed down 0.
1 percent at $
5,824 a tonne.
The main 1709 contract of Shanghai copper rose sharply during the day, closing at 47050 at the end of the day, and the short-term high was around
48500.
Therefore, if there is no position to continue to go long, the current price can continue to add long orders
at night.
