Shanghai copper short-term mainly pullback, continue to give back the previous rapid gains

In terms of external trading, London copper opened at 5764.
5 US dollars / ton, after the opening copper price backed by the daily moving average consolidation, in the afternoon dragged by Shanghai zinc, copper prices plunged, the lowest touched 5717 US dollars / ton, as of 17:15, London copper reported 5721.
5 US dollars / ton, crude oil reported 46.
3 US dollars / barrel, the US dollar index reported 97.
029, intraday London copper continued the pullback trend, is expected to continue the short-term correction, closer to the middle rail
.

On the macro front, U.
S.
Treasury yields rose on Monday after flat demand for 10-year Treasury auctions offset strong demand for three-year Treasury bonds, while uncertainty over the policy outlook for the US Federal Reserve on Wednesday capped yield gains
.
Analysts said the Fed could take a hawkish stance, hinting at a balance sheet reduction later this year and another rate
hike in December.
However, partly due to recent signs of softening inflation, the Fed is also expected to adopt a more dovish stance
.
Markets are expecting higher interest rates, which will boost the dollar and make dollar-denominated commodity prices more expensive
for investors holding other currencies.

In terms of the market, Shanghai zinc due to the liquidation of the position frenzy, Shanghai copper dragged down by it, the basis of the next month slightly expanded compared with the previous period, coupled with the heavier financial pressure in the middle of the year, resulting in holders eager to ship before the month, intraday rush to ship runway, actively adjust prices to seek transactions, copper quickly changed from a premium state to a discounted state and expanded all the way, and the expansion of the basis of the next month also further increased the downstream wait-and-see mood, waiting for the change of month after entering the market, weak consumption and a surge in supply pressure flooded the copper market, and the pattern of oversupply was obvious
。 In the afternoon, the quotation continued to loosen, flat water copper newspaper discount 50 yuan / ton - discount 40 yuan / ton, good copper newspaper discount 30 yuan / ton - discount 20 yuan / ton, the transaction price is 45790 yuan / ton - 45880 yuan / ton
.

During the day, the main 1708 contract of Shanghai copper rushed back down, and the market closed at 45830
.
Short-term main support 44000, the rebound failed to break through the 46500 line, the end of the day closed lower again, the transaction is recommended to rush high to continue to short, short-term weak shock mainly, up and down space is not large, night high short
selling.