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On Wednesday, the main 1708 contract of Shanghai copper opened at 46860 yuan / ton, after the opening of a wave of copper prices outflow, copper prices as low as 46720 yuan / ton, and then with the fall of the US dollar index, Shanghai copper bulls returned to the market, copper prices shocked back to the daily average of 46820 yuan / ton to stabilize, and then with the black series pulling up, copper prices rose at the end of the day, touching as high as 47,000 yuan / ton, closing at 46,920 yuan / ton
.
The Shanghai copper tail hit a high of 47,000 yuan / ton during the day, breaking through the upper rail of Bollinger Road, and the integer mark of 47,000 yuan is not easy to achieve overnight, and the vigilance is repeated
.
Externally, London copper opened at 5843 US dollars / ton, after the opening copper price in the daily moving average of 5845 US dollars / ton oscillation consolidation, and then with the dollar index lower, copper price shock upward away from the daily moving average, in the afternoon, with the domestic black series of pull-up, base metals followed, copper prices soared to 5870 US dollars / ton, and then fell under the pressure of the upper band of Bollinger Road, the high profit loss rose significantly, as of 17:24, London copper reported 5834 US dollars / ton
.
Intraday copper continued its upward trend, but the pressure on the upper rail of the upper Bollinger Road was obvious, and it was difficult
to break through in the short term.
Economic data preferences, enhance market confidence, metals after breaking through the moving averages, waiting for momentum to form a directional breakthrough
.
In terms of the market, Shanghai copper continued to rise, and some middlemen entered the market to absorb flat water copper due to the completion of the delivery of the last long order at the end of the month, which narrowed the price difference between flat water copper and good copper, and it was difficult to find
low-priced supplies.
The copper price at the end of the session rose, the copper discount narrowed again, and the downstream received goods on demand, and the transaction stalemate was more obvious
.
In the afternoon, copper prices rose, and holders were covered with hedging orders
.
The discount in the spot market has narrowed, flat water copper newspaper discount 140 yuan / ton - discount 130 yuan / ton, good copper newspaper discount 120 yuan / ton - discount 100 yuan / ton, the transaction price continued to rise to 45540 yuan / ton - 46660 yuan / ton, although the quotation is firm, but no one cares
.
On the news front, U.
S.
Treasury yields rose on Tuesday, in line with European bond yields, after ECB President Mario Draghi made a speech that raised expectations that the ECB was one step
closer to announcing a tapering of stimulus policies.
Over the past month, the Treasury yield curve has flattened as Fed officials, including New York Fed President Dudley, hinted that further policy tightening was likely
.
The dollar fell to a 10-month low against the euro on Tuesday after voting on the U.
S.
health care bill was delayed by ECB President Mario Draghi as he opened the door to start taking steps to reduce the central
bank's stimulus.
The three-month LME copper closed up 1.
1 percent at $
5,858 a tonne.
During the day, the main 1708 contract of Shanghai copper continued to rebound, and the market closed at 46920.
Short-term main support 44000, rebound broke through the 46500 line, the current trend, continue to maintain the rebound, short-term high around 48500
.
