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On Wednesday, the main 1709 contract of Shanghai copper opened at 47750 yuan / ton, after the opening continued last night's night trend, the overall center of gravity is located below the daily moving average, around 47720 yuan / ton wide oscillation, up and down volatility of about 50 yuan / ton, after the opening of the afternoon session, under the drive of the bulls to increase positions, copper prices rose to 47850 yuan / ton and then fell back to the daily moving average, and then the bulls once again forced, copper prices rose linearly, the tail around 47900 yuan / ton a line of consolidation, touched to 47970 yuan / ton, Closed at 47960 yuan / ton, up 120 yuan / ton
.
During the day, the stock market and commodities rose collectively, the copper market bullish atmosphere was strong, and the center of gravity of Shanghai copper moved up, or continued to test the 48,000 yuan / ton integer mark above
.
In terms of the external market, London copper opened at 6001 US dollars / ton, after the opening in the vicinity of the daily moving average for a short stay, London copper's center of gravity moved down, around the daily moving average oscillation, low to 5988 US dollars / ton, in the afternoon, bulls increased positions into the market, London copper returned to above 6000 US dollars / ton, encountered resistance 6006 US dollars / ton after a brief fall, then London copper rose again, touched as high as 6020 US dollars / ton, into the European market, with the slight rise of the US dollar and LME copper stocks increased by 1975 tons, London copper quickly leaked, Losing some of the intraday gains, as of 16:50, London copper was trading at $5999.
13 / ton
.
On the macro front, U.
S.
Treasury yields fell on Thursday as the health care bill frustrated in the Senate and investors became more cautious, while weak economic data made the Fed's pace of future rate hikes more uncertain.
The greenback hit a more than one-year low against the euro and the Swiss franc on Tuesday, while the dollar index fell past a 10-month low on waning confidence in U.
S.
President Donald Trump's policy plans and unnerved
by hawkish stance from overseas central banks.
The dollar fell on declining confidence in U.
S.
President Donald Trump to implement his economic plan and unease
with the hawkish tone of speeches by central bankers outside the United States.
In terms of the market, intraday Shanghai copper is slightly under pressure, less individual traders selling, the market performance is stable, quotations remain stable, the morning market is still flat water copper favored, quotations are stable at a discount of 90 ~ 80 yuan / ton, after 11 o'clock, the plate rebounded, good copper holders are reluctant to sell and raise prices, good copper highlights the tight price of goods, the quotation has a discount of 70 ~ 60 yuan / ton in the morning market raised at the discount of 50 yuan / ton on the first line, flat water copper pulls up, although the intraday market activity is inferior to yesterday, but the supply and demand sides of traders are stable, Overall optimism
remains on the copper outlook.
At present, the industry is generally concerned about the continuous impact of environmental protection inspections, due to the impact of environmental protection inspections, the supply of recycled copper available for trading on the market in the near future has become significantly tight, and the subsequent arrival of imported resources is expected to continue to decrease, and copper prices in the future market may be prone to rise and fall
.
