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On Monday, the Shanghai copper 1610 contract opened at 37290 yuan / ton, the opening dollar rose, crude oil fell, A shares opened low and went low, Shanghai copper opened after the long position closed to avoid risk, copper prices stepped down, all the way there was almost no support fell below the 5-day line support, copper price center of gravity slightly down, in the afternoon some bulls have no intention of fighting, a wave of long liquidation outflow, the tail day bears poured in, Shanghai copper shock downward, low touch 37090 yuan / ton, closed at 37140 yuan / ton
.
Externally, London copper opened at 4809.
5 US dollars / ton, the vice chairman of the Federal Reserve said in his speech on Sunday that the Fed is close to reaching full employment and 2% inflation target, the dollar rose to around 95, crude oil fell, long positions in the Asian session closed to avoid safety, London copper fell slowly, the European session announced that LME inventories increased by 18,750 tons, bears vigorously suppressed, London copper fell below the 60-day moving average support, stimulating a large influx of bears, London copper fell smoothly, the low touched 4738 US dollars / ton, Near the 40-week line, the bears took profits, copper prices returned to the daily average, as of 18:00, London copper was reported at $4752 / ton, and continued to pay attention to whether it could recover more than
the $4750 / ton line.
On the macro front, the recent weak global economic performance, U.
S.
data has also been repeatedly larger, the expectation that the United States will not raise interest rates this year caused the dollar to continue to fall, which gave copper prices last week to support, but following the Federal Reserve Bank President of the New York Fed said that he will raise interest rates this year, the vice chairman of the Union also expressed optimism about the economic outlook, which began to support the dollar, Yellen's speech at Jackson Hole on Friday became the focus of the market, and the dollar was supported to increase the pressure on the copper market again
.
In terms of the market, the Shanghai copper fluctuated in a narrow range, and the copper discount continued to expand
.
In the morning, good copper newspaper discount 20 yuan / ton started, imported good copper brands have appeared one after another, by 10 o'clock, good copper quotation has slipped to discount 40-discount 30 yuan / ton
.
However, due to the relatively firm quotations of flat water copper from cargo holders, and the lack of wet quotations, the quotations of good copper stabilized after a rapid recovery
.
The supply of Monday delivery is still flowing in, and there are more
brands in the market.
The month-end note factor is beginning to appear, and the discount stalemate may remain for a while
.
In the afternoon, the market continued to decline, but the discount did not change, the market supply was still abundant, the overall supply was overdemand, the discount was reported at 80-30 yuan / ton, and the transaction price fell with the futures to 37060-37160 yuan / ton
.
At present, domestic and foreign copper prices are under pressure in the weekly moving average dense area, the LME is at $4820, the domestic November contract is 37600 yuan, if the above resistance is effective, copper prices still have the possibility
of continuing to decline.
