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On Wednesday, the main contract of Shanghai copper 1607 contract fell under pressure, closing at 35380 yuan / ton at the end of the day, down 1.
45% from yesterday's closing price, and the daily closing price hit a new low since January 26 this year, and the current Shanghai copper running below the main moving average group, short-term decline risk has not been fully released
.
In the external market, Asian Lun copper continued to fall under pressure, of which the 3-month LME copper fell 1.
26% to 4580 US dollars / ton at the close of the Shanghai copper market, and the current London copper is still running below the moving average group, indicating that the upper selling pressure is heavier, its performance is slightly weaker than Shanghai copper, and the daily closing price is close to the low set on February 16 of the year
.
On the macro front: U.
S.
industrial output rose 0.
7% m/m in April, higher than expected growth of 0.
3%, revised to decline 0.
9% from a 0.
6% decline in March, while the annualized rate of housing starts in the US rose 6.
6% to 1.
172 million units in April, also better than expected, and the data increased expectations of the Fed's June interest rate hike
.
The Asian dollar index continued to trade around 95, still not conducive to a further rally
in base metals.
The dollar index remains relatively strong until the US dollar index remains relatively
strong until the market continues to focus on the minutes of this week's Fed April meeting, hoping for signals on whether to raise interest rates in June.
In terms of market: Shanghai electrolytic copper spot reported a discount of 30 yuan / ton - 30 yuan / ton of premium, and the transaction price of flat water copper was 35440-35780 yuan / ton
.
In the morning, the quotation of copper liter discount continued to be firm, and the good copper discount was 10 yuan / ton, and the flat water copper discount was 30 yuan / ton - the discount of 20 yuan / ton was taken in seconds, which stimulated the holders to sell
.
However, copper prices fell near midday, gamblers who received goods in the morning were besieged, and although the market premium quotation did not change, there was no one to buy goods, and few downstream entered the market to buy goods
during the day.
The overall transaction first rose and then declined
.
Overall, the intraday Shanghai copper 1607 oscillation fell to 35380 yuan / ton, a new low in recent times, indicating that the upper selling pressure is heavier, and it is difficult to attract funds to actively go long
.
Operationally, it is recommended that the Shanghai copper 1607 contract can still hold short orders cautiously below 36,000 yuan, and the first support below focuses on 35,000 yuan / ton
.
