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On Tuesday, the main Shanghai copper contract 1607 oscillated and continued to fall, indicating that the upper rebound was blocked, closing at 37710 yuan / ton at the end, down 1.
36% from the intraday high of 38230 yuan, and down 1.
21%
from yesterday's closing price.
In the external market, Asia Lun copper fell into a high weak oscillation, of which the 3-month LME copper fell 0.
47% to $4966 / ton at the close of the Shanghai copper market, but copper prices are still effectively running above M200, the short-term rebound pattern remains good, and the technical support below focuses on 4900 US dollars / ton
.
Macro: The Asian dollar index fell under pressure overnight and fell further to around 94.
6, which is regarded as a normal technical adjustment
.
In addition, the market is focused on the Fed's interest rate decision this week, expecting a low probability of rate hike, but the market is focused on whether the Fed will signal a rate hike in June
.
In terms of market: on April 26, Shanghai electrolytic copper spot reported a discount of 200 yuan / ton - discount of 130 yuan / ton, flat water copper transaction price of 37300 yuan / ton - 37760 yuan / ton
.
After the opening, the holders' quotations were the same as yesterday, but the transaction was rare, and the post-discount was gradually released, and to the second quarter of trading, the copper intraday diving reached 400 yuan / ton, and some holders exchanged cash at the end of the month, actively lowering the discount, stimulating speculators and downstream to start buying on the dip
.
The overall market is still oversupplied, but the low transaction situation has improved, and the source of goods with a large discount is still favored.
Overall, the performance of Shanghai copper continues to resist the decline of ferrous metals, which is a normal technical correction market
.
In view of the copper rebound pattern remaining, and the US dollar index remains relatively weak, it should not be too bearish in the short term, and the first resistance focuses on 38500 yuan
.
