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On Monday, the domestic copper market opened low and went high, under the influence of the downward shift of the center of gravity of London copper during the festival, Shanghai copper opened low at 34880 yuan / ton, after the opening Shanghai copper first slightly down to 34850 yuan / ton, at this time Shanghai copper has been close to the previous low position, driven by the return of London copper, the early accumulation of short profit orders outflowed sharply, copper prices all the way back to 35540 yuan / ton, upward test the support
of the 20-day moving average.
However, after the big rise, the market confidence was insufficient, the bulls took profits to close their positions, and copper prices began to fall, closing at 35250 yuan / ton at the long white line, up 20 yuan / ton, or 0.
06%.
China's macro data on Monday were very weak, in addition to the flat growth of industrial production, fixed investment and social retail growth all slowed, it is worth mentioning that the growth rate of real estate investment also fell sharply, new home starts and home sales growth all slowed, and concerns about the Chinese economy renewed, which triggered a decline in the stock market
.
However, relative to stocks, domestic commodities generally performed strongly on the day, and the performance of agricultural products and black increased the exit atmosphere of copper bears
.
In the copper market, weak consumption and oversupply are the main basis for copper prices to get out of the continuous rebound market, but the unfavorable factor is that copper prices are the weakest performing varieties of commodities this year, and the concentration of short positions has reduced the stability of the copper market
.
Recently, domestic inventories have declined, spot precipitation is better, but on Monday, domestic spot premiums fell by 15, for 90-140 yuan, with the approach of spot months and copper prices rebound, spot premiums declined, which shows the weakness of domestic
spots.
Today's Shanghai copper prices rushed back down, and there was a more obvious decline
in the late session.
June-August is the traditional off-season, from the output of electrolytic copper, copper supply is still huge, and the current private investment is still weak, downstream demand is very poor, so copper is currently in 35500-36000 resistance is large
.
There is Brexit in June, the dollar interest rate hike is also on the line, copper prices are easy to fall and difficult to rise, there will be no good rebound
.
