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On Wednesday, copper prices slipped and short money flowed
in aggressively.
Shanghai copper 1902 contract trading range of 48010-48800 yuan / ton, late closing at 48090 yuan / ton, down 1.
86%.
In the external market, as of 15:15 Beijing time, the three-month London copper was reported at 6005.
0 US dollars / ton, up 0.
82% on the day, and the support level below it focused on 5900.
0 US dollars / ton
.
In the market, affected by the Fed's interest rate hike, the London copper leader fell below the $6,000 mark overnight, and the Shanghai copper fell sharply to 48,100 yuan / ton, and the copper price hovered at 48,200 yuan / ton
during the day.
The market around the demand for bills to carry out quotations, the difference between the current month's invoice and the next month's invoice continues to increase, the holders holding the current month's invoice have a strong willingness to raise the price, flat water copper flat water - liter water 20 yuan / ton, good copper concentrated transaction in the premium 70 - liter water 80 yuan / ton, price pressure is difficult, the market buying favors the current month's invoice, and the current month's invoice is the mainstream transaction
.
Although the market next month's invoice quotation has increased, but has not become the mainstream transaction, next month's invoice flat water copper quotation is as low as about 100 yuan discount, good copper quotation discount 30-discount 20 yuan / ton, next month's invoice wet copper discount as low as 200 yuan / ton
.
Copper prices fell sharply, downstream low-level replenishment was active, and the current month's invoice was the lead, and this week will still be dominated by invoice demand
.
On the news, the Asian dollar weakened and is now trading around 96.
876, and US President Trump once again criticized the Fed, saying that given the global economic and political uncertainty, the Fed even considered tightening policy "simply inconceivable"
.
On the industry front, the National Green Court said Vedanta Ltd could restart its copper smelter in Tuticorin, which accounts for nearly half
of India's copper production.
The tribunal set aside the Tamil Nadu government's order to shut down the 2,50,000-ton plant in Sterlite Copper, saying it was "unsustainable"
.
Shanghai copper fluctuated during the day, as signs of economic slowdown in Europe and China made the market worried about the outlook for copper demand, and copper prices weakened; The collapse of crude oil prices overnight led to a further decline in copper prices
.
On the technical side, the futures price fell and fell below the previous low, the mainstream short position increased significantly, and it is expected that the short-term copper price trend will be weaker, pay attention to the support of the 48,000 yuan / ton mark below
.
