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Overnight, the main 1904 contract of Shanghai copper was affected by the active entry of bulls, jumping high to open 49290 yuan / ton, opening low 49240 yuan / ton, after the opening of the center of gravity slightly up, around the daily average of 49350 yuan / ton to do narrow range oscillation operation, the intraday center of gravity continued to move up above the daily moving average around 49420 yuan / ton, during the period of 49480 yuan / ton, close 49380 yuan / ton
.
The Sino-US negotiations in Beijing released positive signals, and global risk appetite continued to improve, especially in the context of the end of the US interest rate hike, US bond yields continued to decline, giving metals a good operating atmosphere; China released a large currency, undertaking the momentum of the marginal to the end, pessimistic expectations improved, the macro atmosphere was temporarily favorable, internal and external bias resonance, but at the same time, as the cancellation of copper warehouse receipts gradually bottomed out, SHFE and LME inventories began to rise (except for U.
S.
copper temporarily), and there was gradually pressure on the price in the later period, so the two major attribute contradictions of copper price commodity chain and financial chain are intertwined and transformed into each other, unable to reflect the resonance (such as the Shanghai copper market structure has been maintained flat), and the price operation direction is temporarily positioned into a range sorting
。
In terms of spot, the current downstream production rhythm has gradually entered the right track, and considering the upcoming long order delivery day, the market is more active, but due to the current price rise, intraday spot discount will likely expand, it is expected that Shanghai copper 49100-49600 yuan / ton, spot discount 170-discount 40 yuan / ton
.
