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On Wednesday, the Shanghai copper 1608 contract opened at 35910 yuan / ton, after the opening long and short successively reduced positions, copper prices around 35870 yuan / ton consolidated, with the US index down to 93.
883, crude oil up, a small number of longs into the market to pull up copper prices, copper prices broke through 36000 yuan / ton, led to bears have closed their positions to avoid risk, after breaking through the 40-day moving average, bears sharply reduced their positions by more than 7,000 hands, copper prices rose straight up, the high touched 36270 yuan / ton, closed at 36260 yuan / ton, up 580 yuan / ton, Up 1.
63%.
In the external market, London copper opened at 4697.
5 US dollars / ton, crude oil fell slightly to 49.
9 US dollars / barrel in the morning market, during the Asian session, long positions closed led to a sharp weakening of copper prices, as low as 4657 US dollars / ton, then crude oil re-strengthened, the dollar weakened, London copper stopped falling and rose and fluctuated all the way upward, especially in the European session, accelerating to rise to near the 60-day moving average, as of 17:00, London copper reported 4725 US dollars / ton
.
On the macro front, the UK will hold a Brexit referendum on Thursday, and from the recent situation, the support for Remain has taken the lead, while central banks are preparing for surprises, which has weakened safe-haven demand and supported copper prices
.
Considering that the possibility of a US interest rate hike has fallen sharply, the macro atmosphere is turning positive.
In terms of the market, Shanghai copper fluctuated, and the current copper premium was flat compared with yesterday, but there were ups and downs
during the session.
The current copper market is fully supplied, imported copper has increased to a certain extent, and market supply and demand are
deadlocked.
At the beginning of the second quarter of trading, traders actively looked for low-priced flat water copper sources in order to deliver long orders at the end of the month, so that flat water copper was bitten to 80-100 yuan / ton of water premium, and good copper was also restricted from the downward trend, maintaining stability and reporting a premium of 110 yuan / ton
.
The overall activity of the intraday market was average, and transactions continued to be among
traders.
In the afternoon, copper prices were strong and strong, holders did not relax premium shipments, there were still a small number of traders inquiring about low-priced sources, and it was difficult for the premium to have room to decline, and downstream participation did not increase
significantly.
At present, Brexit doubts are gradually dissipating, and Federal Reserve Chair Janet Yellen said that the United States is cautious about raising interest rates, which has boosted copper prices, and Shanghai copper is expected to continue to rise
, led by London copper.
