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Shanghai copper opened low yesterday evening, and the latest closing price of the main monthly 1811 contract was 49930 yuan / ton, down 460 yuan, or 0.
91%.
During the Asian session, Shanghai copper was below the daily moving average, opening at 49,860 yuan / ton, and the Asian session climbed slightly to a maximum of 49,930 yuan / ton, and the selling sentiment was amplified, and then all the way down, the trading volume reached 167,000 lots, and the position decreased by 7,822 lots to 587,000 lots
.
On the economic front, infrastructure is expected to warm, and after intensive statements by the top management to protect the private economy and cut taxes, the market is expected to improve China's economic expectations, stimulating the strength of non-ferrous metals
.
In terms of environmental protection, the comprehensive autumn and winter air pollution control plan for Beijing-Tianjin-Hebei and surrounding areas was issued, and the production restriction bid farewell to one-size-fits-all, which dealt a certain blow to the expectation of supply contraction caused by environmental protection, which was not conducive to nonferrous metals
.
Approaching the long holiday, due to the rapid rise in futures prices, the demand for stocking of enterprises has weakened, and the market premium has weakened, which is not conducive to nonferrous metals
.
Shanghai copper continued to reduce positions downward, suggesting that bulls' confidence is weakening, downstream buying is unfavorable, spot premiums are rapidly declining, scrap copper has signs of outflow, eleventh stock market is not as expected, fundamental support weakened, relying on infrastructure and power investment pull, short time can not get data support, Shanghai copper pattern gap is relatively dangerous, copper prices upward is weak, follow-up test of ten-day line support
.
