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On Tuesday, the yuan continued to depreciate to 6.
7882, black is strong, the commodity market has picked up significantly, the Shanghai copper 1612 contract opened at 37450 yuan / ton, after the opening there were a large number of long positions and short exits, Shanghai copper volume upward, broke through all moving averages in one fell swoop, touched 38170 yuan / ton, and closed the long position at the end of the day, recording a long white line
at 38010 yuan / ton.
Intraday commodity collective carnival, Shanghai copper trend firm, or there is further room for growth, pay attention to the change
of position.
In terms of external trading, London copper opened at 4649 US dollars / ton, after the opening in the daily moving average a short stop, and then driven by Shanghai copper, Shanghai copper shock upward to the 10-day line near the sideways, in the afternoon with Shanghai copper further strengthening, London copper confirmed that the upward trend continued to rise, up to attack the 40-day moving average to 4730 US dollars / ton, then some bulls closed their positions, London copper first suppressed and then rose strong to break through the 40-day line, as of 16:40, London copper reported 4729.
5 US dollars / ton
.
On the macro front, led by the sharp rise in black, the domestic commodity market generally performed well during the day, the colored sector was red across the board, and copper prices were also driven
.
In addition, the central price of the renminbi fell below 6.
77, refreshing a new six-year low for the third consecutive day, which was positive for domestic copper prices
.
The market believes that although the central price of the renminbi fell below 6.
7, the depreciation was relatively small
compared to the currencies of developed economies and other emerging economies.
The central bank also said today that the non-renminbi will continue to remain basically stable and there is no basis for
sustained depreciation.
Too many
messages.
In terms of the market, Shanghai copper rose sharply, morning speculators due to bullish market operation, the current copper premium continued to be pushed up madly, directly pulled up to 300 yuan / ton - 350 yuan / ton, but after entering the second trading session, Shanghai copper rose sharply by more than 300 yuan / ton, the plate was almost 38,000 yuan / ton, the current copper speculative outflow, the supply gradually increased, the current copper premium narrowed, slowly declined, the premium copper fell from the morning premium of 350 yuan / ton to the premium of 300 yuan / ton, The flat water copper premium fell from 320 yuan / ton in the morning to 270 yuan / ton, and the transaction also slowed down, and the downstream was mainly rigid and rational.
In the afternoon session, the market continued to rise, breaking through the 38,000 yuan / ton mark strongly, the willingness of cargo holders to exchange cash at high prices was significantly enhanced, and they joined the dumping team, the premium was lowered all the way, flat water copper premium reported 220 yuan / ton - 250 yuan / ton, good copper premium reported 260 yuan / ton - 280 yuan ton, the transaction price rose to 38270 yuan / ton - 38400 yuan / ton, the market began to show fear of heights
.
On the whole, the recent continuous depreciation of the RMB exchange rate and the low inventory level of the two markets supported domestic copper prices, but copper prices temporarily adjusted after touching the support line of the shock range of 4633 US dollars during the year, waiting for the market to be clear
in the short term.
