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On Wednesday, the main 1710 contract of Shanghai copper opened at 51670 yuan / ton, after the opening of the long position to reduce the market, Shanghai copper continued last night's downward trend, low to 51310 yuan / ton, then copper prices stopped falling and rebounded slightly, half an hour before the close of the morning session, some bulls increased their positions to enter, pushing copper prices up quickly to the daily average of 51664 yuan / ton, the high touched 51720 yuan / ton, but failed to stand, copper prices then fell, the center of gravity sank to 51560 yuan / ton around a narrow range, and finally closed at 51560 yuan / ton / ton / tons, down 190 yuan / ton
.
During the day, market activity cooled down, Shanghai copper showed a technical correction after continuous rise, with a net outflow of 609 million yuan, and the center of gravity of Shanghai copper may continue to fall, testing the effective support
of the 5-day moving average below.
In terms of the external market, London copper opened at 6592 US dollars / ton, after the opening of the bulls left the market dragged Lun copper rapid down, low to 6535 US dollars / ton, back to the 5-day moving average to get support, then London copper low rebounded above the daily moving average, around 6564 US dollars / ton oscillation operation, into the European session, London copper after a slight pullback, with the rapid fall of the dollar, London copper shock upward to 6574 US dollars / ton after stabilization, as of 17:30, London copper reported 6580 US dollars / ton, down 7.
5 US dollars
。 During the day, the center of gravity of London copper pulled back slightly, the rally was suspended, and it may consolidate in the short term
.
On the news front, investors are also looking forward to US Federal Reserve Chair Janet Yellen's speech at the annual meeting of global central banks in Jackson Hole on Friday, looking for positive hints
about US monetary policy.
Still, observers don't expect her to give new guidance
.
Markets expect the Fed to announce plans
to reduce its balance sheet at its September policy meeting.
LME three-month copper closed down 0.
1 percent at $
6,580 a tonne.
In terms of the market, Shanghai copper is under pressure to pullback, but copper prices are still above 51,000 yuan / ton, market quotations have been flat for a week, holders are unwilling to over-reduce discounts, traders lack enthusiasm to buy under difficult price space, and the supply and demand sides maintain a deadlock pattern
.
There is no downstream entry into the market, there are many market quotations, and it is difficult
to trade.
In the afternoon session, the quotation maintained stability, the market deadlock pattern was difficult to break for the time being, flat water copper newspaper discount 140 yuan / ton - discount 130 yuan / ton, good copper newspaper discount 110 yuan / ton - 100 yuan / ton, the transaction price is 51230 yuan / ton - 51400 yuan / ton
.
On the technical side, Shanghai copper main KDJ gold cross, MACD gold cross but there are signs of top divergence, the price broke through the previous high after a sharp fall to maintain the 5-day moving average near the oscillation, the bullish trend has not changed, short-term prices are greatly affected by funds, there is a continued adjustment trend
.
