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Last night's internal trading remained volatile, and Shanghai copper has always been difficult to test the 47,000 mark, and finally closed at 46,900 yuan / ton, the same
as the previous day's settlement price.
Last night's copper price weakened mainly due to the negative news of trade during the US trading session, which once again stimulated risk aversion in the global market, and gold prices recovered sharply after bottoming out, returning to above 1470, and the yen rose more than 0.
3%
in the short term.
Under the recovery of risk aversion, copper prices were suppressed and failed to extend the rebound momentum
.
On the macro front, short-term trade bearish news may cause the market to overreact, while the British election Conservative Party has increased odds of victory, the market has better expectations for Brexit, and China has further strengthened countercyclical adjustments, providing support
below copper prices.
At present, Shanghai copper closed negative, but the lower shadow position is gradually recovered, the KDJ indicator has turned better, and copper prices are expected to recover
slightly today.
In terms of spot, today's market quotations are expected to maintain yesterday's high, as the market price fell slightly, and there is a demand for long orders in the market recently, so it gives holders a reason to hold prices, and imports continue to fail to have a large number of imports, and the market supply is not abundant
.
It is expected that today's Shanghai copper 46800-47100 yuan / ton, spot premium 130-160 yuan / ton
.
