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On Tuesday, the main 1905 contract of Shanghai copper opened at 49530 yuan / ton in the morning, and the center of gravity slightly lowered 49370 yuan / ton after the opening, the two sessions were held, Premier Li Keqiang read the government work report to set comprehensive work goals for 2019, market confidence was boosted, the commodity market performance rebounded at a low level, Shanghai copper rose to 49650 yuan / ton before noon, after short-term high, the center of gravity fell back to the daily average of 49540 yuan / ton around a narrow range, until the afternoon close narrow fluctuations, closing at 49500 yuan / ton, It fell 800 yuan / ton, down 1.
59%.
In terms of external trading, during the Asian session, London copper opened at 6412 US dollars / ton, the opening price was the low price of the day, and then the opening all the way higher, the center of gravity rose to around 6458 yuan / ton, and the Asian market ended the test high of 6470 US dollars / ton
.
Then entered the European market, the center of gravity moved down below the daily moving average around 6445 US dollars / ton, after narrow repair, the center of gravity recovered, as of 17:00, London copper reported 6458.
5 US dollars / ton
.
The National Two Sessions were held, and the government work report announced that this year's target for reducing the value-added tax for the manufacturing industry was reduced from 16% to 13%, and Shanghai copper rose from the overnight low and continued to sort out around
50,000 yuan.
The morning market spot quotation disorder, the holder firmly up the quotation trend, the morning once heard a good copper quotation of 200-300 yuan, flat water copper can not follow, until about 10 o'clock, the market crazy chaos slightly stabilized and
calmed.
However, the market is afraid of heights, and the willingness of holders to cash out is strong, the quotation has opened a downward adjustment mode, the second trading session of good copper has been about 150 yuan / ton, flat water copper down to 60 ~ 70 yuan / ton, the market gradually entered a normal trading situation
.
The market is still in the process of sorting out and volatile, the May contract has begun to show the tax reduction spread, the spot premium needs to make further adjustments, and the market is waiting for the return
of sanity.
In the afternoon, the market quotation further returned, although the plate price has fallen, and the afternoon quotation has been lowered, and even the discount quotation has appeared, but the downstream is still cautious
.
Affected by the expectation of VAT reduction in the government work report of the two sessions, the Shanghai copper 1903-1907 contract all turned to the Back structure, of which the 1903-1904 contract spread was 80 yuan / ton, and the 1904-1905 contract price difference was 380 yuan / ton
.
The main force of Shanghai copper formed a gap during the day, and the center of gravity basically returned to the level before the gap opened last week, directly falling below the 10-day moving average, and the MACD indicator double line is about to form a downward crossover, and a bearish signal
appears.
Continue to test whether the main force of Shanghai copper can hold the position
of 49,300 yuan / ton.
