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Overnight, the main 1805 contract of Shanghai copper opened at 49640 yuan / ton, and the bulls entered the market on a large scale at the beginning of the session, and the price fluctuated sharply
.
After the decline is difficult to pull, copper prices continue to fall, downward through the daily moving average, after testing down 66300 yuan / ton, all the way upward, upward breakthrough daily moving average
.
After touching the height of 49590 yuan / ton, it fell slightly, and the final amplitude continued, closing at 49600 yuan / ton, up 120 yuan / ton
.
China and the United States began trade negotiations, the market's worries about the trade war have eased, risk aversion has cooled, macro in the face of non-ferrous metals bearish factors weakened, copper price trend back to fundamentals, the current market generally expects copper downstream demand will gradually return, but yesterday LME inventory increased by another 4200 tons, peak season demand is delayed, so it is recommended that Shanghai copper new orders continue to wait and see
.
As the Sino-US trade war shows signs of easing, Shanghai copper night trading continued the daytime rally, suppressed by the large increase in inventory, still failed to please the weak shock, because the current peak season demand is not as expected, technical pressure is gradually released, under the premise of a large increase in inventories, we expect Shanghai copper to maintain weak operation
in the short term.
