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Overnight, London copper opened at 51460 yuan / ton, and the Shanghai copper plate touched a high of 51550 yuan / ton, and the center of gravity rose briefly
.
Subsequently, it was dragged down by the external market and continued to fall, and after testing 51270 yuan / ton, it turned from falling to rising, and returned to the daily average with a volatile upward trend
.
After touching the height of 51530 yuan / ton, the upward momentum was insufficient and slowly fell
back.
The decline continued at the end of the day, closing at 51,400 yuan / ton, down 90 yuan / ton, and the position fell by 2,660 lots to 188,000 lots
.
The Sino-US trade negotiations reached a consensus, market risk appetite was repaired, and the easing of relations between the world's two largest economies is expected to promote global economic growth, which in turn boosted copper demand, and copper pessimistic expectations were repaired
.
However, the US dollar remains strong, and the supply-side interference rate declines to lead to relatively stable supply of copper ore and refined copper, while the downstream basically maintains rigid demand, so the market shows a trend of oversupply, subject to the financial pressure at the end of the month this week, demand or continue to be sluggish, so it is expected that copper prices are still difficult to form a trend market
.
Overnight, affected by the recovery of the US dollar, the center of gravity of copper prices fell
.
Recently, the United States has reported that the "Trump-Kim meeting" was held as scheduled, and the strength of the US dollar should continue
.
The main force of Shanghai copper is trapped between the moving averages, and there is still some pressure
on the 60-day moving average.
Today's British and American markets are closed, and the main force of Shanghai copper is expected to be 51250~51600 yuan / ton
.
