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On Tuesday, the main force of Shanghai copper 1707 months weak shock, after the morning opening from the highest point of shock decline, the domestic second opening after short-term shock, then continued to fall to the lowest point, midday recovery, but always hovered below the daily moving average, and finally closed at 45170 yuan, down 30 yuan, down 0.
07%, the position increased by 5994 hands to 220114 lots
.
Externally, LME copper fell in March
.
It opened at $5597 in the morning, rose slightly to a maximum of $5602 after opening and reversed down, and after a short period of volatility at midday, it bottomed out at $5563 after a slight dip, and rebounded at the end of the day, closing at $5579 during the domestic trading session
.
On the macro front, the main economic data released by the Bureau of Statistics on Monday, except for real estate investment, slowed
across the board.
Only real estate investment and land acquisition area increased
year-on-year.
However, the funds in place for real estate development enterprises, the sales of commercial housing and the area of new housing starts have all declined to varying degrees, and considering the weakness of PMI, import and export, currency and other data released earlier, it can show that the current small cycle of China's economic rebound has reached an inflection point, and the real estate industry is also about to show an inflection point
.
In addition, considering the half-year assessment of domestic banks in June and the Fed's interest rate hike, the financial pressure may be more tight, and the negative impact of commodity prices is greater
.
In terms of the market, the market trading is light
.
Traders' enthusiasm for shipment is acceptable, and the premium is also kept low, but downstream manufacturers have just completed delivery, the current demand is insufficient, and some manufacturers stop production and maintenance during the delivery period, and the procurement demand is weak
.
Traders buy stocks in small quantities
.
The afternoon premium is basically the same as in the morning, good copper reported at C10-B00 yuan / ton, flat water copper C60-C40 yuan / ton, wet copper C100-C80 yuan / ton or so
.
The market is trading lightly, and the enthusiasm of traders to ship is acceptable, but downstream demand is weak
.
Considering the high total spot inventory, the current consumption inventory is the main
one.
Technical, Shanghai copper main force 1707 contract, daily level, daily K-line at the 20-day moving average under pressure, MACD black line narrowing, trend line formation of golden cross weakness, it is expected that copper prices short-term volatility, rebound weak.
