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On Tuesday, the main 1708 contract of Shanghai copper opened at 46560 yuan / ton, after the opening copper price short-term low to 46430 yuan / ton, China announced that the profit of industrial enterprises above designated size in May was 16.
7% year-on-year, the growth rate rebounded, a wave of short outflow, promoting copper prices to rise back in shock, continuing the rally in the afternoon, breaking the daily average after continuing to maintain an upward trend, touching the high to the upper Bollinger Road rail 46750 yuan / ton blocked, closing at 46720 yuan / ton
.
Shanghai copper first fell and then rose during the day, and on the whole, it continued to rise, or there was a risk
of short liquidation and a fall in the market.
In terms of external trading, London copper opened at 5798 US dollars / ton, after the opening of London copper extended the daily average down to 5779.
5 US dollars / ton, and then China announced that the year-on-year growth rate of industrial enterprise profits rebounded, copper prices stopped falling slowly climbed above the daily moving average, stabilized around 5790 US dollars / ton, during the European session, copper prices rose again in a straight line, the high recorded 5831.
5 US dollars / ton, after being blocked at the upper band of Bollinger Road, the bulls took profits outflow, copper prices fluctuated at a high level to stabilize, as of 17:30, London copper reported 5813 US dollars / ton , up $
11.
5.
In terms of the market, Shanghai copper flat finishing, there are differences between holders, the size of the enterprise determines the willingness to ship, some shipment enthusiasm increases, the current copper discount is still showing a slow expansion trend, the market circulation is dominated by the source of monthly notes, middlemen rarely enter the market, downstream demand maintenance, the market is still subject to funds and end-of-quarter factors, transactions are scarce, and the supply and demand sides are slightly tug-of-war
。 In the afternoon session, the market rose, the holder's value preservation plate was trapped again, shipments decreased, the discount narrowed significantly, wet copper did not see a discount of 200 yuan / ton quotation, flat water copper reported a discount of 160 yuan / ton - discount 130 yuan / ton, good copper newspaper discount 140 yuan / ton - discount 120 yuan / ton, the transaction price increased to 46280 yuan / ton - 46460 yuan / ton
.
In terms of news, the preliminary value of durable goods orders in the United States fell 1.
1% month-on-month, less than market expectations, copper prices fell with the trend, in the morning China announced that the profit of industrial enterprises in May increased by 16.
7% year-on-year, the growth rate continued to rise, supporting the economic expectation in the second quarter, the overall change in Shanghai copper in the morning was not much, mainly around the 46,500 yuan line between a small fluctuation, the current position data is too low and there are signs of continuous reduction of positions out of the market, the strike led to supply disruption to provide some support for copper prices, coupled with the recent weakness of the US dollar, The decline in copper prices is relatively limited, and Shanghai copper is expected to fluctuate sideways in the range of 46200-46500 yuan
.
