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On Wednesday, the main 1805 contract of Shanghai copper opened at 50790 yuan / ton, after the opening of the copper price center of gravity slowly moved up, and then around the daily average of 50916 yuan / ton sideways, in the afternoon bulls began to reduce positions and leave the market, bears entered the market to suppress, dragged copper prices all the way down, tested down to 50470 yuan / ton, the end of the day slightly repaired, and finally closed at 50580 yuan / ton, down 780 yuan / ton
.
During the day, Shanghai copper continued to decline, before the Fed's interest rate decision, the market was bearish, bears dominated the force, and copper prices continued to be weak
in the short term.
In terms of external trading, London copper opened at 6755 US dollars / ton, after the opening of London copper shock higher to 6780 US dollars / ton, after a short consolidation at the high, the center of gravity moved down to the daily average of 6771 US dollars / ton around the narrow range, in the afternoon, as the short position increased, London copper fell rapidly, directly tested down to 6712 US dollars / ton, although the low rose slightly, but fatigue showed
.
As of 17:25, London copper was trading at $6721.
5/mt
.
London copper is expected to remain weak.
In terms of the market, the decline of copper in Shanghai is difficult to stop, copper prices have been fully under pressure of 51,000 yuan / ton, copper prices are sluggish holders continue to slowly rise quotations, morning market good copper discount 160 yuan / ton, flat water copper discount 220 yuan / ton, wet copper discount 300 yuan / ton, attracting traders into the market to receive, soon this batch of low-priced sources were concentrated after the receipt, the quotation was raised to good copper discount water about 150 yuan / ton, flat water copper discount water about 200 yuan / ton, wet copper discount 270-250 yuan / ton, downstream bargaining continue to enter the market, The trading volume has been significantly amplified, the market activity has improved, the proportion of downstream buying volume in the intraday market transaction has increased again, and the market has once again shown the characteristics
of Monday's weak cash and strong cash.
In the afternoon period, the plate continued to leak, downstream stopped led to a significant decline in trading volume compared with the morning, in this regard, the holder took the initiative to expand the discount to seek transactions, but the market still reacted flat, buying is far less than the morning, flat water copper newspaper discount 220-200 yuan / ton, good copper newspaper discount 170-150 yuan / ton, the transaction price is 50200-50450 yuan / ton
.
In terms of stocks, as of March 20, COMEX copper stocks 232957 short tons, down 373 tons from March 19; LME copper stocks were 322475 tonnes, up 3,200 tonnes from March 19; As of March 21, SSE futures inventories were 140353 tons, down 352 tons
from the previous day.
In the short term, the Fed's interest rate decision is coming, the market is trading cautiously, the copper spot discount is slightly narrowed, and there is a certain willingness to raise prices downstream, but the spot supply is abundant, and the effect is not obvious
.
On the market, the main 1805 contract of Shanghai copper runs below the daily moving average as a whole, falling below the 51,000 yuan integer mark within the day, MACD and KDJ indicators are bearish, and short-term copper prices may maintain a weak shock trend
.
