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On Tuesday, the main 1808 contract of Shanghai copper opened at 53840 yuan / ton, after the opening in the long position increase and short position reduction driven, copper price center of gravity slowly moved up, and gradually approached the daily moving average, in the afternoon bulls another wave of concentrated entry, copper prices quickly pulled up above the daily moving average, touched to 54150 yuan / ton, and then the high fell back, the center of gravity around 54050 yuan / ton oscillation running, the end of the short profit take, copper prices back to the daily moving average, closed at 53970 yuan / ton, down 280 yuan
。
In terms of the external market, London copper opened at 7220.
5 US dollars / ton, after the opening of London copper fell sharply to a low of 7196 US dollars / ton, bargain long positions to enter, driving the center of gravity of London copper gradually rising, running above the daily average 7220-7232 US dollars range, in the afternoon, the US dollar fell, London copper rose sharply, the high to 7258 US dollars / ton after the upward momentum is insufficient, short profit exit, dragging copper prices to fall rapidly, giving up most of the intraday gains
.
In terms of the market, the pressure of Shanghai copper fell back to below 54,000 yuan / ton, the basis remained stable at 200 yuan / ton in the next month, the holder maintained the previous day's quotation at a discount of 60 ~ 10 yuan / ton, good copper can be pressed to a discount of about 20 yuan / ton to receive goods, flat water copper did not see a significant expansion discount for transactions, the overall transaction in the morning did not improve
。 The theme of the strike has no energy to promote copper prices, the power of copper prices to rise further weakened, the downstream continues to stop and watch, wet copper discount 130 ~ 110 yuan / ton, the willingness to receive goods is seriously lacking, the transaction continues to be weak, the characteristics of oversupply are obvious, trade activity is correspondingly reduced, and the stalemate between supply and demand continues
.
In the afternoon session, copper futures rose, spot sales were more difficult, and some flat water copper slightly expanded the discount to 70 yuan / ton in order to seek transactions, and the market trading atmosphere was quiet
.
In terms of news, the heads of state of the United States and North Korea met in Singapore on the 12th and signed a "historic" document to weaken some of the adverse effects of the previous G7 summit; At present, the domestic copper supply is still sufficient, but the production may decrease in June, which may support copper prices, and it is expected that Shanghai copper will run in shock.
During the day, Shanghai copper continued to pullback, copper mine strike concerns subsided, superimposed on this week's risk events stacked, capital favor fell again, it is expected that copper prices will continue to be under pressure in the short term, there is still room
for correction.
