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Yesterday, the main 1709 contract of Shanghai copper opened at 47860 yuan / ton and then opened a unilateral decline, the risk sentiment in the futures market was not as good as the previous period, the demand for longs taking profits increased, the main force of Shanghai copper fluctuated downward, broke through the 5-day moving average support, the center of gravity fell back to around 47650 yuan / ton, and closed at 47600 yuan / ton, down 190 yuan / ton
.
In terms of the market, as of 2017-7-19, the spot price of Shanghai metal 1# copper was 47575 yuan / ton, down 165 yuan / ton from the previous day, and the discount of 285 yuan / ton compared with the near-month contract, Shanghai copper was slightly under pressure, less the dumping of individual traders, the market performance was stable, the quotation remained stable, although the market activity was inferior to the previous day, but the supply and demand sides of traders performed steadily
.
Focusing on the ECB decision, with the Eurozone manufacturing and inflation data improving, Draghi has hinted that the ECB's easing may continue to slow.
Base metals may continue to pullback, and the main 1709 contract of Shanghai copper is expected to run at 47400-47800 yuan / ton
.
Bulls have a certain profit-taking demand
.
In addition, Peruvian miners started a nationwide strike to monitor the developments, and doubts about copper concentrate supply remained, which was positive for copper prices
.
