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On Tuesday, the copper market was strongly volatile, climbing slightly in the afternoon, the main monthly 1811 contract of Shanghai copper opened at 47660 yuan / ton, the highest intraday 47940 yuan / ton, the lowest 47570 yuan / ton, settled 47750 yuan / ton, closed 47910 yuan / ton, up 250 yuan, or 0.
52%.
In foreign countries, the Asian market, the US dollar index rushed back down, boosting the upward shock of London copper, Beijing time at 15:40 London copper latest quotation of 5937 US dollars / ton, up 47 US dollars, or 0.
79%.
In terms of the market, the domestic spot copper price rose slightly, the Yangtze River spot 1# copper price was reported at 47930 yuan / ton, up 110 yuan, premium 70-90; Shanghai spot 1# copper price was 47900 yuan / ton, up 105 yuan / ton
.
In the spot market, holders continued to lower their premiums, but inquirers waited and watched, downstream purchases were less, and the overall transaction performance was light
.
On the macro front, if the U.
S.
imposes tariffs on most of China's exports to the U.
S.
, it will negatively impact global trade flows and could change companies' investment plans
.
Trump warned on Friday that he was prepared to impose tariffs on almost all imports from China, in addition to another $267 billion in goods coming in the coming days
.
In terms of news, Russian official data show that the country exported 380,000 tons of refined copper from January to July, an increase of 20%
over last year.
Affected by the rise in inflation, the interest rate market fluctuated and fell, the main contract of 10-year bonds fell by 0.
22%, DR007 closed at 2.
67%, there was a slight upside, and the central bank did not carry out reverse repurchase
on the same day.
Shanghai copper rebounded slightly in daily trading, opened low overnight, and rebounded to close above
the 5-day moving average.
Shanghai copper trading is slightly enlarged, positions are stable, and the market wait-and-see sentiment is strong
.
The technical pattern of Shanghai copper has improved slightly, and it is currently biased towards neutral, short-term shock, insufficient medium-term upward momentum, and the trend is still weak
.
The future market pays close attention to the progress of
the Sino-US trade dispute.
Shanghai copper lower support 47000, upper pressure 48000
.
