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On Wednesday, the Shanghai copper 1605 contract opened after the long and short are more cautious, Shanghai copper consolidation is weak, crude oil falls, Shanghai copper all the way down, intraday lost the 40-day moving average, the end of the day by A shares and crude oil boosted low level counter-pumping, 1605 contract finally closed at 37040 yuan / ton, down 670 yuan / ton, down 1.
78%.
Shanghai copper fell weakly during the day, testing the 40-day support downward, and the US ADP employment in March was expected to be lower than the previous value overnight, or it boosted metal prices
.
During the day, Lun copper Asian market when London copper under pressure daily moving average, in the second quarter of the Asian trading session, due to the fall of crude oil, London copper followed, quickly fell below $4900, fell at $48880 line, the afternoon accelerated down to the low point of the day, at the end of Asia, the dollar rebounded, A shares rebounded back to 3000 points, market sentiment slightly recovered, copper prices low rebound, gradually regained the daily average, but the breakthrough of $4900 appeared to be inadequate
。 Recently, the closeness of the dollar and metals has increased, and the dollar has once again shown a downward pullback before the non-farm payrolls data, and has fallen below all moving averages again, or played a certain role in supporting the sharp pullback of London copper
.
In terms of the market, the market supply is more abundant, but because flat water copper and wet copper are more favored, the supply is limited, the quotation is still firm, so that the premium copper is passively supported, the market is still difficult to find a low-price source, the activity further declined, near noon, Shanghai copper rapid diving more than 200 yuan / ton, the next month there is almost no price difference, the current copper discount has narrowed, downstream bargain pick-up increased, the proportion increased
。 In the afternoon, Shanghai copper fell sharply, basis arbitrageurs made profit shipments, sufficient supply, flat water copper is still more favored, the transaction price fell to 36900 ~ 37160 yuan / ton, the discount remained unchanged, the proportion of downstream market entry increased, and the number of bargain hunting increased significantly
.
Today's Shanghai copper opened low in the morning, indicating that the upper pressure is heavier, the market is waiting for Friday's Chinese manufacturing PMI and US non-farm payrolls data, it is expected that Shanghai copper or weak consolidation today, spot copper will follow the fall
.
