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On Wednesday, the Shanghai copper main 1805 contract opened at 51290 yuan / ton in the morning, and the domestic PPI and CPI data were released less than expected at the beginning of the session, and the PPI data fell for five consecutive months
.
The affected bulls closed one after another, dragging copper prices downward and falling below the daily moving average
.
At the end of the first trading session, the decline stopped slightly and was sorted out
at 51150 yuan / ton.
Later, with the alternating exit of long and short, copper prices fell in a stepwise manner
.
The decline continued in the afternoon, testing a low of 50,740 yuan / ton, and then recovering slightly, running at 50,870 yuan / ton.
Bears concentrated on leaving the market at the end of the day, boosting copper prices, closing at 50950 yuan / ton, up 170 yuan / ton
.
In terms of external trading, London copper opened at 6962.
5 US dollars / ton, scattered trading at the beginning of the session, in a narrow range of 6955 US dollars / ton to 6965 US dollars / ton, China's PPI, CPI data released a month-on-month decline, the commodity market generally declined, running below the daily moving average, the decline stopped slightly at noon, from 6920 US dollars / ton slowly rose back to 6936.
5 US dollars / ton and then was pressed again, testing down 6893 US dollars / ton
。 After entering European time, London copper slowly recovered, broke the daily moving average upward, and touched the previous day's high again, as of 17:20, it was at 6958 US dollars / ton, down 10.
5 US dollars / ton
.
In terms of the market, Shanghai copper opened high and low, the afternoon market contract barely stuck to 51,000 yuan / ton, the holder is still based on cash exchange, the spot quotation and the plate show a synchronous rapid decline trend, although the morning market quotation to flat water ~ premium 40 yuan / ton to start, due to shipment difficulties, soon there is a dumping price tide, about 10 o'clock, flat water copper has been reduced to a discount of about 20 yuan / ton, good copper then reduced to a premium of 20 yuan / ton, and even traders can receive the goods at a low price to the flat water line
。 Downstream to maintain just demand, premium trading has shown difficulties and hindrance, the market is still standing, holders are eager to cash out, with the continuous decline at the end of the afternoon market, the market has reported a discount of 30 ~ flat water, wet copper supply is in short supply, has been with low-end flat water copper almost no price difference
.
Copper prices have not yet stabilized, and the market is still cautious
.
As delivery approaches, the current month's contract is still on the strong side, and spot quotes may gradually tend to delivery characteristics
.
The difficulty of shipment in the afternoon session remained, and the holders maintained the low quotation at noon, but there was little response, and there were few
transactions.
In terms of news, the tension between China and the United States trade war has eased, after President Xi Jinping announced in an important keynote speech in Boao: China will take the initiative to expand imports, China does not pursue trade surplus as the goal, sincerely hopes to expand imports, promote the balance of current account, to which Trump responded that he was very grateful to President Xi for his relevant statement, and the market's optimism about Sino-US trade negotiations in the future market heats up
.
The rally of the main 1805 contract of Shanghai copper stalled during the day, opening higher and lower
.
From a technical point of view, standing on the 20-day moving average, the lower 5-day moving average crosses the 10-day moving average from bottom to top, and tends to connect with the 20-day moving average, providing effective support, the center of gravity moves up, and the upper target is the 40-day moving average
.
KDJs tend to hold back
.
It is expected that the Shanghai copper main 1805 contract will continue to test the effectiveness
above 51,000 yuan / ton.
