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The US dollar continued to climb in the overnight afternoon, dragged down by the main 1807 contract of Shanghai copper, which opened low and opened at 51250 yuan / ton
.
Bears increased their positions at the beginning of the session, but the decline did not continue
.
Shanghai copper oscillated above the daily moving average, along the 51200 yuan / ton line, during which it tested 51120 yuan / ton
.
Then it fell briefly, tested 51160 yuan / ton and returned to the shock range, and the amplitude was basically maintained at 20 yuan
.
A wave of bears left the market at the end of the day, pulling up copper prices to briefly touch 51470 yuan / ton, and then rose
slightly.
It closed at 51,400 yuan / ton, down 50 yuan / ton, and the warehouse increased by 2,702 lots to 189,000 lots
.
The consensus reached in the US-China trade talks and the possible continuation of US-North Korea talks have contributed to the market's risk appetite, and the easing of relations between countries around the world is expected to promote economic growth, which in turn will boost copper demand, and copper price pessimism is expected to be 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, and under the pressure of funds at the end of the month, it is difficult for demand to change in the short term, so it is expected that copper prices will still be difficult to form a
trending market.
The LME market was closed yesterday for the holiday
.
Lack of external guidance, Shanghai copper performance slightly lower to maintain sideways, the overall change is not much, the end of the trade war between China and the United States is progressing smoothly, the fundamental support is temporarily stable, there is no obvious resistance to the technical picture, the macro is still bearish, it is expected that Shanghai copper or continue to fluctuate
in a narrow range today.
