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On Wednesday, the main contract of Shanghai copper 1912 opened at 47010 yuan / ton in the morning, and the center of gravity maintained around 47060 yuan / ton after the opening, and then the bulls reduced their positions, copper prices stepped down until the end of midday, and the center of gravity continued to move up to 47020 yuan / ton in the afternoon, but the market confidence was insufficient, bulls left one after another, and fell and closed at 46930 yuan / ton, down 210 yuan / ton, down 0.
45%.
Externally, Apanlon copper opened lower at 5815 US dollars / ton, due to the current Brexit extension has become a foregone conclusion, market risk aversion heated up, intraday US dollar, gold and other safe-haven assets performed strongly, copper prices under pressure, fell below the 5800 mark at noon, the center of gravity moved down to 5798 US dollars / ton position in a narrow range
.
Then entered the European market, copper prices briefly appeared downward, quickly from the low of 5780 US dollars / ton straight up, because the LME latest announced copper inventory reduced more than 800 tons, and then the center of gravity maintained a stable 5800 mark, up 5822 US dollars / ton
.
As of 17:00, London copper closed at $5817/ton, down 0.
27%.
In terms of the market, Shanghai copper fell under pressure below 47,000 yuan / ton
.
The willingness of holders to exchange cash has gradually strengthened, but some of the quotations are firm and there is demand for monthly tickets, which makes the holders in the morning market quotation premium 50 ~ 80 yuan / ton, but the demand is small, under the rapid price reduction of the next month's ticket, the overall quotation of the market has declined rapidly
.
The number of intraday quotation cash-changers has increased significantly, but the downstream remains rigid demand, the transaction is mostly completed by long-term order delivery, and the risk aversion before the national tax upgrade has also increased the number of cash-changers, and in the pattern of oversupply, the cash exchange factor makes the premium decline become the dominant behavior
of the market.
In the afternoon, the market transaction sentiment was weaker, under the pressure of tax stamps and high inventory, holders took the initiative to lower their quotations to attract transactions, and the market response was flat
.
Recently, due to the increase in demand risks in the crude oil market, crude oil prices have continued to be low
.
And at present, the macro weak pattern has been determined, and the bulk is under pressure
.
At present, the London copper short-term fell below the 5 and 10-day moving averages, and the KDJ indicator weakened
.
The intraday high fell mainly due to the delay of the current Brexit plan, and the market increased pessimism; Coupled with the already weak global macroeconomic situation, some investors withdrew their investment
.
Wait for the guidance of the external market to test whether Shanghai copper can hold the 46900 yuan / ton mark
.
