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On Wednesday, Shanghai copper opened at 37260 yuan / ton, after the opening of the futures market Shanghai copper first short-term rush to 37450 yuan / ton, at the 37500 yuan / ton mark blocked, with the RMB against the US dollar central price appreciation of 204 points, copper prices under pressure to fall, short entry into the market to suppress copper prices, bulls confidence is not firm, close the bag for safety, copper prices fluctuated back down, fell below 37,000 yuan / ton, tested down 36,980 yuan / ton
.
However, as the dollar retreated, the bears closed their positions, and the Shanghai copper shock rebounded, stabilizing at 37150 yuan / ton at the end of the day, closing at 37150 yuan / ton
.
On the macro front, after the farce of last Friday's British referendum, the atmosphere of market panic this week did not continue to spread, and the dollar and gold consolidated in Friday's volatility range, which gave the commodity market momentum to rush, but after that, the market is also waiting for the impact of Brexit to finally be clear, which is why copper prices remain at a high level of consolidation
.
In terms of the market, the high level of Shanghai copper fell back, and the morning market premium quotation continued to decline slightly compared with yesterday, there were many quotations, and the willingness to cash out was obvious, but the response was weak, there were many wait-and-see, and the trading was weak
.
As the copper accelerated decline and fell below the 37,000 yuan / ton mark, the premium was further loosened, flat water copper fell to a premium of around 10 yuan / ton, good copper is only in the premium 30 yuan / ton line, inquiries increase, middlemen favor some cost-effective product sources, close low premium sources for long-term transactions, or part of the buying and selling period, the downstream market entry rate is very low, copper prices stabilize in the afternoon, market supply and demand stalemate, downstream is basically difficult to show enthusiasm
for buying.
It is difficult to improve the activity of trading in the last two trading days at the end of the month
.
Intraday Shanghai copper in the 37000 yuan / ton -37500 yuan / ton high finishing, standing and away from the moving average of each group, the current market risk sentiment rebounded, futures market bullish sentiment strong, RMB depreciation to around 6.
65, the internal market is still strong, it is expected that Shanghai copper will continue to consolidate at a high level in the short term
.
