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On Tuesday, the main 1703 contract of Shanghai copper opened at 47650 yuan / ton, after the opening, the long market continued to flow out, Shanghai copper fell smoothly, broke through the 10-day moving average and continued to decline, all the way down to the adhesion of the 5-day and 40-day moving averages below, the low recorded 46540 yuan / ton, after being supported, a small number of short orders took profits to close positions, the center of gravity of copper prices moved slightly up to 46765 yuan / ton, and the low level stabilized at the end of the day, closing at the long black line at 46780 yuan / ton, down 1120 yuan / ton, down 2.
34%
。 Intraday Shanghai copper broke downward, the retracement sentiment of funds dominated, short-term test of the 5-day and 40-day moving average support below, waiting for the opportunity to rebound, looking for opportunities
to regain lost ground.
In terms of external trading, London copper opened at 5850 US dollars / ton, during the Asian session London copper stopped around the daily average of 5850 US dollars / ton, and then under the drag of the domestic black series, bulls have flowed out, copper prices plunged sharply, as low as 5738 US dollars / ton close to the 10-day moving average, and then due to the fall of the US dollar, a small number of short profits outflow, copper prices slowly recovered to narrow the decline, in the European session to return to the daily average near consolidation, as of 17:40, London copper reported 5778 US dollars / ton
。 Intraday copper continued its decline, temporarily stabilized near the 10-day moving average, and the funds were mainly closed in profit near the Spring Festival, and it is expected to continue to be weak in the later period, or test the support
of the 10-day moving average.
On the macro front, the IMF raised its 2017 growth forecast for China to 6.
5% (+0.
3%), and the US 2017 growth forecast to 2.
3% (+0.
1), while global growth remained at 3.
4%.
According to the British Sunday Telegraph, British Prime Minister May will announce that the British government is ready to accept a "hard Brexit"
when negotiating Brexit with the European Union.
In terms of the market, the Shanghai copper morning market fell slightly, speculators profited to increase shipments, after the change of month, the current copper maintained a discounted state, the supply pressure was greater, the current copper discount due to the lack of transaction quotation slightly loosened, after eleven o'clock Shanghai copper straight down 900 yuan, speculators profited, the current copper discount did not see a significant narrowing, downstream bargain entry increased, copper prices fell below 47,000 yuan after the market trading improved, the transaction first fell and then rose
。 In the afternoon, the low level of the market stabilized, downstream and traders trading enthusiasm is still active, holders maintain the willingness to exchange cash, follow the trend to narrow the discount quotation flat water copper newspaper discount 180 yuan / ton - discount 150 yuan / ton, good copper newspaper discount 130 yuan / ton - discount 90 yuan / ton, the transaction price is 46400 yuan / ton - 46600 yuan / , intraday transaction significantly picked up
.
In terms of industry, according to foreign news, Freeport said that its Grasberg copper smelter in Indonesia is currently producing normally, after Indonesia announced that smelters must comply with a series of conditions before re-exporting concentrates, including switching to special mining business licenses and building smelters
.
At present, the spot market has limited support for copper prices a few years ago, and attention should be paid to avoiding the risk
of capital withdrawal at the end of the year.
