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On Thursday, the Shanghai copper 1708 contract opened at 45400 yuan / ton, after the opening copper price was driven by the short liquidation, the shock rose back to 45770 yuan / ton, and then under pressure on the 10-day moving average to fall, closing at 45600 yuan / ton, down 200 yuan / ton, the warehouse decreased 6444 hands to 208,000 lots, the trading volume decreased by 4132 hands to 220,000 hands, the Shanghai copper was strong in the day, recovering some of the overnight
declines.
It is expected that copper prices will continue to fluctuate between moving averages in the near future
.
Externally, London copper opened at 5645 US dollars / ton, after the opening of London copper Shun daily moving average rose sharply, and then the shock rose to 5708 US dollars / ton, breaking through the suppression of the upper three moving averages, and then under pressure on the 60-day moving average fell back, as of 17:25, London copper reported 5675.
5 US dollars / ton, crude oil reported 44.
68 US dollars / barrel, and the dollar index reported 97.
207
.
Intraday copper wide volatility trend, it is expected that copper prices will still consolidate
between moving averages in the later period.
On the macro front, the Fed not only raised interest rates as scheduled, but also issued a hawkish statement, which surprised the market, and the dollar strengthened and the colored trend came under pressure
.
Domestically, M2 growth was 9.
6%, a record low, 0.
9 percentage points and 2.
2 percentage points
lower than the end of last month and the same period last year, respectively.
Financial deleveraging has led to a slowdown in M2 growth, and a slowdown in the later period may be the
new normal.
Market funds are tight, and Shanghai copper and aluminum are weak
.
In terms of the market, Shanghai copper continued to fall, Thursday is the last trading day of the 1706 contract, as the basis of the next month expanded to more than 150 yuan / ton, the extreme value reached 200 yuan / ton, market holders have quoted on the 1707 contract, the mainstream premium copper report discount 100 yuan / ton - discount 60 yuan / ton, flat water copper discount 120 yuan / ton - discount 100 yuan / ton, wet copper discount 160 yuan / ton or so, middlemen absorb low-priced good copper, press the price into the market, buy and sell period, The downstream is reluctant to enter the market under the condition of a large basis in the next month, and the pattern of market supply exceeding demand is obvious
.
The market generally expects that after the change of months, copper will return to the discount state, due to capital factors began to dominate the market quotation.
In the afternoon session, the spot price of the 1707 contract was quoted at a flat water copper discount of 110 yuan / ton - a discount of 100 yuan / ton, a good copper discount of 90 yuan / ton - a discount of 70 yuan / ton, and the transaction price was 47470 yuan / ton - 47570 yuan / ton
.
Intraday low open low low volatility down, but supported by the 20-day moving average is strong, technically the trend of Shanghai copper is still weak, but the recent bulls counterattack trend is strong, the operation of the short single focus on the pressure of the day around 45700, below this point can still be held, otherwise the intraday short participation
.
