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On Tuesday, the Shanghai copper 1608 contract opened at 36120 yuan / ton, under the uncertainties such as Yellen's optimistic expectations for the prospect of interest rate hikes and Brexit, the US index rebounded slightly to 94.
094, long positions reduced copper prices down to 35800 yuan / ton after gaining support, and then the short profit closed the position, copper prices rose back to 36000 yuan / ton, suppressed at the integer mark, the center of gravity fell, stabilized at the end, repeatedly tested the support of 35800 yuan / ton, have not broken, long and short are more hesitant, have left the market to see, It closed at 35840 yuan / ton with a long black line, down 240 yuan / ton
.
In foreign countries, on Tuesday, London copper opened at 4685.
5 US dollars / ton, during the Asian session, London copper slightly rushed to 4704 US dollars / ton, then tested low and rebounded, and weakened again in the afternoon; Entering the European session, London copper came under pressure along the daily moving average, there was a sharp dive, contrary to crude oil, the lowest to 4603 US dollars / ton, fell below all moving averages, almost gave up all the gains over the weekend, as of 17:05, London copper reported 4617.
5 US dollars / ton, down 1.
25%.
Intraday copper fell sharply, mainly due to market concerns caused by the surge in inventories in the LME market, which was under pressure
in the short term.
In the market, Shanghai copper fluctuated and fell, and the selling pressure above 36,000 yuan / ton was heavier
.
At present, the quotation of flat water copper in the copper market is small, so that flat water copper is strong at 110-120 yuan / ton of water premium, and passively supports the copper water premium of 120-140 yuan / ton
.
Holders mainly exchange good copper for cash, but few buys
.
Approaching the Dragon Boat Festival holiday, there is still no expected downstream stocking, but the willingness of holders to raise prices is becoming more and more obvious
.
In the afternoon, the copper price range fluctuated, the premium remained stable at 110-140 yuan / ton, the transaction price was reported at 36060-36140 yuan / ton, although the transaction was not smooth, but no cargo holders took the initiative to lower the price, and the market showed a tug-of-war between supply and demand before the holiday
.
Overall, the center of gravity of Shanghai copper fell back, running below the daily moving average throughout the day, and after the sharp rise in the early stage, the bulls closed their positions sharply and fell into the bag, but they still did not fall below the 35,800 yuan / ton first-line support
.
The lower leakage of London copper in Europe may drag down the trend of Shanghai copper in the evening, and the center of gravity may follow the sinking of London copper, backtesting the 10-day and 20-day moving average support
.
