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On Wednesday, the Shanghai copper 1609 contract opened at 38670 yuan / ton, at the beginning of the session bulls enthusiastically increased their positions, copper prices were pulled up to 38800 yuan / ton, but with the strengthening of the US dollar, bulls closed their positions, copper prices fell sharply, fell below the 5-day moving average, low 38110 yuan / ton, low short positions closed so that it returned to the 5-day moving average near the repeated test, at 38280 yuan / ton closed at the small black line, increased positions by 8490 lots, volume 730,000 lots
.
In foreign countries, London copper opened at 4977 US dollars / ton, the Asian session copper price short-term rushed to 4992.
5 US dollars / ton, but as the US dollar continued to strengthen to 97.
293, copper prices plunged sharply, fell below the 5-day moving average, low at 4915 US dollars / ton, and then around 4935 US dollars / ton around the momentum of consolidation, during the trading light, almost no transactions, into the European session, the US index high falls, Germany June PPI 0.
4% month-on-month, year-on-year -2.
2%, are higher than expected and previous values, The change in the number of jobless claims in the UK and the three-month ILO unemployment rate were lower than expected, a wave of short liquidation outflow, copper prices rose after confirming the upward trend, and stabilized around $4958 / ton after recovering the 5-day moving average, as of 17:30, London copper was reported at $4958.
5 / ton
.
In terms of the market, Shanghai copper fluctuated fiercely, but the lowest decline in the plate did not break 38,000 yuan / ton, and the copper premium was narrowed
.
At the opening, the current copper trading is mainly speculative plates, and the activity is general, with a good copper discount of 10 yuan / ton, and a flat water copper discount of 30 yuan / ton
.
After 9:30, the market opened two waves of decline, after the first quarter of the market closed, the market stabilized, and because the basis of the next month opened to 80 yuan / ton, so some traders who paid long orders entered the market to buy goods at the low, and preferred good copper, good copper transferred to the premium of about 10 yuan / ton, flat water copper reported a discount of 30 yuan / ton, wet copper is still lack of interest, showing that the downstream for the plate more than 38,000 yuan / ton is still difficult to buy
.
In the afternoon, there was no big fluctuation in the plate, the premium remained at a discount of 30-10 yuan / ton, and the transaction price was reported at 38120-38340 yuan / ton, and supply and demand remained deadlocked waiting for the direction of the plate to be clear
.
Overall, intraday Shanghai copper rushed back down, the 5-day moving average performance competition, the strength of the dollar and the expectation of continued easing made copper prices dilemma, long and short short-term competition intensified
.
At present, London copper is still running at a high level, and Shanghai funds are still paying attention to the trend of London copper and the trend of speculative power, and continue to focus on the 5-day moving average in the evening, ready to wait for the opportunity
to attack.
