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Today's Shanghai copper main force 1609 months shock decline
.
After the morning open, the V-shaped reversal rushed higher, oscillating to the highest point of 38090 yuan around noon, and then the shock fell, diving down at midday, and the shock fell to the lowest point after maintaining volatility, and finally closed at 37740 yuan, down 70 yuan, or 0.
19%.
Today's LME March copper first rose and then declined
.
It opened at $4922 in the morning, fell slightly and reversed, and rushed to a maximum of $4935 around noon, then fell back after forming an M top
.
It fell sharply at midday, rebounding after reaching a low of $4,882 and closing at $4,895 during the domestic trading session
.
Macro: Non-ferrous metals retreated
slightly as the dollar index climbed again today.
Recently, the city has paid close attention to the Fed's interest rate meeting and the implementation
of Japan's stimulus plan.
Japanese Prime Minister Shinzo Abe, speaking in Fukuoka on Wednesday afternoon, said the new stimulus package would exceed 28 trillion yen ($265 billion).
Of this amount, 13 trillion yen of stimulus funds will be used for fiscal stimulus
.
After the news was announced, the dollar and yen rose rapidly in the short term
.
Expectations of accommodative policy in global markets have driven the recent rise
in commodity prices.
As for the Federal Reserve, due to the impact of Brexit, the meeting does not expect the dollar interest rate hike to come
.
Market: today's market supply is acceptable, spot imports of copper more, traders shipment positively, in the midday copper price fall, traders because of bullish premium and purchase spot copper, smelters basically do not ship, Guangdong quotation is low, the overall transaction is poor
.
Downstream manufacturers bought on the dip when copper prices fell, mostly purchasing on demand, but overall demand remained weak
.
The afternoon premium is higher than the morning, good copper is reported at B30-B50 yuan, flat water copper is B0-B10 yuan, wet copper is around
C100-C80 yuan.
According to the survey results of the Shanghai Nonferrous Gold Trading Center, traders have different
views.
Today's copper price has a correction, traders and downstream bargain hunting, but the overall demand is still weak, it is expected to be mainly volatile in the short term, or there may be a slight correction, the shock range is 37200-38200
.
