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The Shanghai Futures Exchange resumed trading on Tuesday and slightly compensated for the rally in the LME market on Friday, with Shanghai copper opening at 50,710 yuan / ton yesterday, rising as high as 50,820 yuan / ton, closing at 50,540 yuan / ton, with a volume of 128,000 lots and a reduced position to 199,000 lots
.
The overnight Shanghai copper night session opened sharply higher, rushing back down to close the small black line
.
Due to the tight spot end and high short-term market sentiment, copper prices may remain high before the National Day
.
However, the current futures price is near and far weak, the upside is limited, and it may face pullback pressure
after the holiday.
The future market pays close attention to the Sino-US trade negotiation process
.
A new round of tariffs came into effect on Monday, coupled with the Chinese government's refusal to negotiate unfairly, and trade war fears have once again pressured Metals Group to pull back
.
However, global inventories have fallen sharply, domestic tradable inventories continue to decrease support, coupled with downstream demand season, scrap copper consumption is still limited and many other factors resonance decline, copper prices will maintain a rebound trend
in stages.
