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The main Shanghai copper contract 1607 fluctuated in a narrow range around 37650 yuan / ton on Wednesday, and closed at 37630 yuan / ton at the end of the day, down 0.
21% from yesterday's closing price, falling into a high technical adjustment
for the fourth consecutive day.
In the external market, the Asian market copper oscillation declined, of which the 3-month LME copper fell 0.
88% to 4920 US dollars / ton at the close of the Shanghai copper market, but copper prices are still effectively running above M200, the short-term rebound pattern remains good, and the technical support below the day focuses on 4900 US dollars / ton
.
Market: The Asian dollar index fell further to around 94.
3 under pressure overnight as mostly underperforming U.
S.
economic data released this week further lowered expectations for an April rate hike
.
In addition, the market is focused on the Fed's interest rate decision this week, expecting a low probability of rate hike, but the market is focused on whether the Fed will signal a rate hike in June
.
In terms of market: on April 27, Shanghai electrolytic copper spot traded at a discount of 180-100 yuan / ton for the contract of the month, and the trading price of flat water copper was 37400-37580 yuan / ton
。 In the morning, the discount quotation of the holder held steady at yesterday's level, and some traders in the market held a small amount of low-priced bulk goods, which were quickly absorbed by the market, and then the copper price fell, the market supply was gradually tightened, coupled with the downstream enterprises receiving goods at the low, the price of the holder was obvious, flat water copper quickly narrowed to a discount of about 150 yuan / ton, good copper more report discount around 100 yuan / ton, bill factors still continue to cause a price difference of 10 yuan / ton, middlemen bargain price to charge low price sources, favor wet and flat water and other brands, downstream enterprises into the market, The market showed a situation of tight price increase (discount), and the transaction improved
.
During the day, Shanghai copper 1607 fell under pressure to 37630 yuan / ton, and the performance continued to resist the decline in ferrous metals, which is a normal technical correction market
.
In view of the fact that the copper rebound pattern still exists, and the US dollar index remains relatively weak, it is not advisable to be too bearish in the short term, but can try to hedge operations, that is, buy colored and sell black
.
In addition, as far as Shanghai copper itself is concerned, it is recommended that the CU1607 contract be cautiously long above 37300 yuan, and the first resistance is 38500 yuan
.
