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On Tuesday, the main 1708 contract of Shanghai copper opened at 45910 yuan / ton, after the opening of Shanghai copper in the daily average of 45935 yuan / ton after a slight consolidation, a wave of bulls outflow, copper prices pullback, giving back part of the overnight high open gains, however, with the dollar index lower, Shanghai copper above the 5-day moving average 45800 yuan / ton line near the low level stabilized, bulls bargain buying entry, copper price shock back to 46000 yuan / ton, the end of the day under the pressure of the integer mark slightly pullback, at 45840 yuan / t / Tons closed at Doji, up 240 yuan / ton
.
Intraday Shanghai copper high and wide volatility, technical Shanghai copper downward support upward pressure, capital on the central bank open market zero release zero withdrawal, suspension of 14-day and 28-day reverse repurchase operations, capital continued to be tight, copper prices in the short term still fluctuated
within the moving average.
Externally, London copper opened at 5728 US dollars / ton, after the opening copper price extended the daily average decline, low to 5696 US dollars / ton, below by the 20-day and 60-day moving average adhesion support, and then copper prices stabilized at a low level, a little consolidation around 5704 US dollars / ton, with the correction of the US dollar index, copper prices rose to 5735 US dollars / ton, and then due to the recovery of the US dollar, copper prices fluctuated back down, as of 17:07, London copper reported 5709.
5 US dollars / ton
.
The intraday copper fluctuated in a wide range and maintained a consolidation trend
.
In terms of the market, Shanghai copper opened high and low, approaching the middle of the year, holders accelerated the exchange of cash to seek transactions, especially the holders represented by large state-owned enterprises actively reduced the price of copper discount shipments, coupled with the basis of the next month expanded to more than 100 yuan / ton, the current copper discount significantly expanded compared with the previous day, especially good copper reduction willingness is obvious, flat water copper is forced to reduce the discount, and good copper almost no price difference, domestic flat water copper goods are less expensive, speculators lack of funds to enter the market is limited, downstream on-demand goods are mainly, brands are diverse, and the pattern of oversupply is obvious.
The short-term discount may continue to expand
.
In the afternoon, Shanghai copper went higher, and the holders continued to lower the discount to seek the transaction, with flat water copper newspaper discount 150 yuan / ton - discount 130 yuan / ton, good copper newspaper discount 130 yuan.
Ton - discount 110 yuan / ton, the transaction price is 45620 yuan ton - 45720 yuan / ton
.
Inventory-wise
.
COMEX copper stocks were 162082 short tons as of June 19, up 18 short tons from June 16; LME copper stocks were 265175 tonnes, down 3,275 tonnes from June 16; As of June 20, SSE futures inventories were 57,165 tons, down 926 tons
from the previous day.
In terms of news, the central bank released liquidity, carried out 120 billion yuan of reverse repurchase operations, boosted base metals, in addition, OPEC data showed that the implementation rate of production cuts in oil producing countries reached 110% in May, crude oil rebound drove commodities up, copper prices broke through the short moving averages, but still face the upper 60-day moving average suppression, long short-term operation, copper prices short-term or continue to fluctuate and gain momentum, the main fluctuation range of 45600-46000 yuan
.
