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Today's Shanghai copper morning market 1810 contract opened at 48750 yuan / ton, the beginning of the session bulls helped, slightly touched 48830 yuan / ton after being blocked, then short positions increased, copper prices fluctuated down to the lowest of the day 48580 yuan / ton
.
Entering the second trading session, the short profit reduced their positions, and the copper price slowly climbed to 48760 yuan / ton and fell
again.
In the afternoon, copper prices were under pressure on the daily moving average to fluctuate in a narrow range, with an amplitude of about
100 yuan / ton.
At the end of the day, the bears continued to reduce their positions, and copper prices rebounded, finally closing at 48800 yuan / ton, down 150 yuan / ton
.
In terms of the market, the domestic spot copper price fell today, and the Guangdong spot 1# copper price was reported at 48780 yuan / ton, down 280 yuan; Yangtze River spot 1# copper price reported 48770 yuan / ton, down 370 yuan, premium 100 - 120 liters; Shanghai spot 1# copper price was reported at 48780 yuan / ton, down 290 yuan / ton
.
In the spot market, the willingness of holders to exchange cash increased near the end of the month, but there were many people who stopped and watched downstream, and the transaction was still dominated by traders' trading, and the overall transaction situation was average
.
In terms of news, the US Department of Commerce said that Trump signed a statement allowing South Korea, Argentina and Brazil to exempt South Korea, Argentina and Brazil from steel import quotas, and exempt Argentina's aluminum import quotas when the supply of US steel and aluminum producers is insufficient; China's Ministry of Commerce said today that no matter what kind of pressure the United States exerts, China will firmly reform and open up at the rhythm, continue to safeguard the multilateral trading system and trade liberalization, and the consultations between the two sides on the basis of good faith are correct, and they will maintain contact
on the next step.
The risk of escalation of the US-China trade dispute and its possible impact on Chinese demand may limit the upward trend
of copper prices.
Shanghai copper has repeatedly risen weakly in the day, 49,000 yuan / ton integer mark has not yet achieved an effective breakthrough, the macro atmosphere is still empty, domestic consumption is in the off-peak season transition period, there has not been effective favorable support, copper price rebound momentum is insufficient, the current 5-day moving average bottom, the upper 20-day moving average topping, pay attention to the external guidance, is expected to run along the daily moving average in the evening
.
