Shanghai copper volatility rises in the short term, still make a strong judgment

Externally, London copper opened at 5884.
5 US dollars / ton, after the opening of London copper extended the daily moving average to the upside, around 5906 US dollars / ton narrow range oscillation, in the afternoon by the Argentine court ordered to suspend Glencore's Allumbra mine news boosted, bulls actively increased positions, London copper continued to rise, touched to 5920 US dollars / ton, and then due to the rise of the US dollar index, London copper fell back below the daily average, giving up some of the previous gains, and then by LME copper inventory decreased by 1200 tons, London copper rose again, It touched as high as $5930/ton, and as of 17:15, Lun copper was quoted at $5914/ton
.

In terms of the market, Shanghai copper rose sharply, the plate stood at 47,000 yuan / ton, the morning market holders took the initiative to reduce the premium and strive to exchange cash at the high, good copper in the quotation of flat water, in the market in a price atmosphere was pressed to a discount of 30 yuan / ton ~ discount 20 yuan / ton, flat water copper variety, especially low-end imported copper as the main sales brand, the second trading session has been reduced to a discount of 50 yuan / ton, the morning market large discount source to attract some traders to receive, to the end of the noon, Pingshui copper, especially flat water copper, which is more cost-effective, has been difficult to find low-priced sources, and the discount has narrowed
slightly.
Copper prices are high, downstream just need to buy is also cautious, today's market trading is mostly for traders, the transaction first rose and then declined
.
If the discount is further expanded, it may still attract some speculators
.
In the afternoon session, the selling of goods by holders decreased, the market was difficult to find low-priced sources, the discount continued to narrow, the transaction atmosphere weakened compared with the morning, and the willingness to speculate decreased
.

On the news front, U.
S.
Treasury yields slipped in volatile trading on Tuesday after Federal Reserve officials expressed doubts about further rate hikes due to low inflation, while Fed Chair Janet Yellen will testify
before Congress on monetary policy tomorrow.
Fed Governor Brainard said she believes the Fed should start reducing its balance sheet soon, but she wants to be "cautious about further increases in the federal funds rate" to help drive inflation higher toward target
.
Investors will be watching Yellen's speech for clues
as to when the Fed will begin shrinking its massive balance sheet.
LME three-month copper closed up 0.
9 percent at $
5,875 a tonne.

The main 1709 contract of Shanghai copper rose during the day, closing at 47250 at the end of the day, and the short-term high was around
48500.
Therefore, if there is no position to continue to go long, the current price can continue to add long orders
at night.