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On Tuesday, the main 1805 contract of Shanghai copper continued its overnight trend
as a whole.
Opening at 51340 yuan / ton, bulls entered with positions, intending to pull up copper prices unsuccessfully
.
The rear edge of 51320 yuan / ton slightly oscillated operation, the two low points of 51130 yuan / ton
.
In the afternoon, as the dollar weakened, bears left the market and copper prices recovered
slightly.
After touching the height of 51520/ton, the upward momentum is insufficient and it is sideways
.
At the end of the day, some bulls reduced their positions and closed at 51440 yuan / ton, down 150 yuan / ton
.
In terms of the external market, London copper opened at 6839.
5 US dollars / ton, at the beginning of the session London copper briefly higher, and then the center of gravity gradually moved down, around 6839 US dollars / ton wide range oscillation, the afternoon dollar lower, bulls took the lead to carry positions in, while short positions reduced and left, pushing London copper rushed to 6865.
5 US dollars / ton, and then the high fell, after entering the European and American session, with the strong rise of the US dollar, London copper accelerated to a low of 6800 US dollars / ton, after gaining support, stop falling and stabilize, as of 18:01, London copper reported 6802 US dollars / tons
.
During the day, London copper continued to pullback, running below the moving averages, and it is expected that London copper is still trying to build up 6800 US dollars / ton as effective support
.
In terms of the market, Shanghai copper continued to fluctuate at a low level, and the morning market holders cautiously raised the quotation to test the market, flat water copper discount 220 ~ 210 yuan / ton, good copper discount 200 ~ 190 yuan / ton, wet copper discount 300 yuan / ton, compared with the previous day's market performance The biggest difference is that the downstream to stay on the sidelines, the enthusiasm for inquiry is reduced, only maintain a low level of just need to purchase
。 In the afternoon session, the low level of the market rebounded, and the spot discount remained stable at the level of the late afternoon session, resulting in weaker trading activity than in the morning, flat water copper newspaper discount 220-210 yuan / ton, good copper newspaper discount 180-160 yuan / ton, the transaction price is 50830-51060 yuan / ton
.
In terms of stocks, COMEX copper stocks were 233,330 short tons as of March 19, down 345 tons from March 16; LME copper stocks were 319275 tonnes, down 2,175 tonnes from March 16; As of March 20, SSE futures inventories were 140705 tons, down 1,178 tons
from the previous day.
In the short term, the Fed's interest rate decision is approaching, the market is trading cautiously, the copper spot discount is slightly narrowed, and there is a certain willingness to hold the price downstream, but the spot supply is abundant, and the effect is not obvious
.
On the plate, the main 1805 contract of Shanghai copper runs below the daily moving average as a whole, with greater support around 51,000 yuan, MACD indicator short-term neutral, KDJ indicator dead cross, short-term copper price or maintain a low volatility trend
.
FYI
.
