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On Tuesday, the main 1811 contract of Shanghai copper in the morning market under the drag of the LME copper price gap low open, opened low at 48290 yuan / ton, the beginning of the session bulls left, copper prices were pressured to fall, down the lowest intraday 48200 yuan / ton line, then London copper stabilized and rose, domestic bulls boosted confidence, more into the flat copper price center of gravity continues to rise
.
In the afternoon, the US dollar index retreated, base metals rose, copper prices quickly climbed to the highest of the day of 48790 yuan / ton, and copper prices along the 48700 yuan / ton in a narrow range at the end of the day
.
In terms of the external market, London copper morning market gap low opened at 5858 US dollars / ton, quickly touched the lowest of the day 5855 US dollars / ton, low short positions to reduce positions, London copper all the way up the center of gravity continues to rise, noon pointed to 5950 US dollars / ton, after a short pause, bears continue to reduce positions, copper price center of gravity again, into the European trading session, copper prices quickly climbed to the highest of 6050 US dollars / ton was blocked from falling, currently at 6020 US dollars / ton narrow range
.
As of 18:00, London copper was trading at $6023.
53/ton
.
In terms of the market, Shanghai copper returned to the 40-day moving average, copper prices along the 48,600 yuan / ton line, the first trading day after the change, holders have a strong willingness to raise prices, and the enthusiasm of some downstream bargain hunting replenishment during the day has slightly increased
compared with before.
In the next 2 weeks, facing the Mid-Autumn Festival and National Day long holiday, there are only 4 trading days left in the completion of long-term order delivery, and there is demand for bills next week, the overall market is facing various consumer expectations, traders take the lead in leading, prepare for the supply in advance, and the trend of strong quotations is difficult to change
for the time being.
In terms of news, the Ministry of Commerce said that the United States, despite the overwhelming majority of international and domestic opinions, announced that it will impose 10% tariffs on $200 billion of Chinese exports to the United States from September 24, and then take other tariff escalation measures
.
In order to safeguard its legitimate rights and interests and the global free trade order, China will have to counteract
simultaneously.
The US insistence on imposing tariffs has brought new uncertainty
to the negotiations between the two sides.
Tax hike boots land, copper prices may be hindered
to the upside.
