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Wednesday Shanghai copper main contract 1908 opened at 46400 yuan / ton in the morning, the opening is the highest level of the day 46460 yuan / ton, after a slight high, the market is not confident in copper prices, and then the bulls reduced their positions, copper prices fell to 46300 yuan / ton, and then the plate continued to rise slightly, and between 46300-46390 yuan / ton oscillation sorting, the center of gravity in the afternoon maintained around 46340 yuan / ton, after a short consolidation, it continued to fall to the lowest level of the day of 46220 yuan / ton, The end of the session closed at 46250 yuan / ton
.
It fell by 480 yuan / ton, down 1.
03%.
In terms of external trading, Apanlun copper opened at 5902 US dollars / ton, and after the opening, copper prices fluctuated in a narrow range around the daily moving average, and the overall amplitude was not large
.
Until entering the European market, due to the high US dollar, bulls took the opportunity to close their positions out of the market, copper prices began to come under pressure downward, and then LME copper stocks reappeared to deliver 32,000 tons, copper prices straight down 5840 US dollars / ton, but the low level failed to hold, soon rose back to 5880 US dollars / ton position, continue to do narrow range shock, as of 17:40, London copper reported 5881 US dollars / ton, down 0.
23%.
In the market, Shanghai copper fell continuously, falling to 46,300 yuan / ton
.
Copper fell sharply, attracting traders to enter the market, the inquiry atmosphere is positive, the holders maintain a strong willingness to lift the water, the morning market holders quote 60 ~ 110 yuan / ton, flat water copper low-price source transaction is acceptable, good copper is difficult to have room for price reduction, the price raised to around 120 yuan / ton, the transaction has improved
significantly.
Good copper still shows the characteristics of spot prices leading the rise, and the current cargo holders will continue to raise the price of the trading pattern
.
In the afternoon, the market price maintained a volatile pattern, the attitude of holders to rise to the water remained unchanged, and the market initiative to buy at a high level was suppressed
.
The latest release of China's June Caixin service PMI was less than expected, the downward pressure on the economy increased, the macro level is difficult to support copper prices, fundamental copper consumption has entered the off-season, supply-side pressure has also increased, and the fundamentals are still bearish copper prices
.
Shanghai copper closed at the solid long black bar during the day, has fallen below the Bollinger mid-band, and lost all moving average support
below.
Wait for the guidance of the external disk to test whether Shanghai copper can hold the 46,000 yuan / ton mark
.
