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Brief comment on the copper market, Wednesday morning Shanghai copper main 1906 contract affected by Trump's tweet on trade tariffs, coupled with last week's US ISM manufacturing PMI was also less than expected to fall sharply, enhancing the market's pessimistic prediction of the economic downturn, London copper weakened, Shanghai copper jumped sharply low to open at 47500 yuan / ton, opened at 47420 yuan / ton, and then boosted by China's April Caixin service PMI data, the center of gravity pulled straight up to above 47800 yuan / ton, and maintain a slow oscillating upward trend, until the short-term high of 48120 yuan / ton
before noon.
In the afternoon, the center of gravity moved down slightly, the overall performance was still under pressure of 48,000 yuan / ton line, the afternoon amplitude did not exceed 110 yuan / ton, closed at 48,010 yuan / ton, down 910 yuan / ton, down 1.
86%, the trading volume of 1906 contracts increased by 4,794 lots to 121,000 lots, and the Shanghai copper index traded 356,000 lots
today.
The position of 1906 contracts increased by 694 lots to 179,000 lots, the 1905 contract reduced its position by 8,576 lots to 66,000 lots, and the intraday 1907 contract increased its position particularly prominently, increasing its position by 21,022 lots, and the main force of the transaction is about to change the month
.
The Shanghai Copper Index increased by 27,192 lots to 528,000 lots, and the transaction was dominated
by short positions.
Shanghai copper topped the list of nonferrous metal sector inflows during the day, with an inflow of 334 million
.
The main force of Shanghai copper closed in the long yang column, and the current center of gravity has lost all technical support, and KDJ is expected to form a positive "golden cross" and boost the price trend
.
In the evening, the market remained closed to test whether the main force of Shanghai copper could break through the 48,000 yuan / ton mark
.
