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On Wednesday morning, the main 1810 contract of Shanghai copper opened at 48730 yuan / ton, and the short position increased at the beginning of the session, and the center of gravity of copper prices sank, to 49600 yuan / ton A line of shock operation, with an amplitude of about
100 yuan / ton.
In the afternoon, copper prices slightly rose to 48720 yuan / ton after being blocked, a large number of short positions increased, copper prices plummeted, to the weekly low of 48130 yuan / ton, the end of the session slightly recovered, closed at 48290 yuan / ton, down 170 yuan / ton, 5-day moving average bottom
.
In terms of external disk, London copper opened at 6036 US dollars / ton, at the beginning of the session along the daily moving average wide oscillation, the amplitude is about 20 US dollars / ton, and then the amplitude narrows, along the daily moving average above the oscillation operation
.
In the afternoon, the bears increased their positions sharply, the bulls left the market, and after the copper price leaked to 5977 US dollars / ton, the short exit of the short position made Lun copper rise slightly to 6000 US dollars / ton consolidation, but 6000 US dollars is difficult to stand, fell again to a low of 5973.
5 US dollars / ton, as of 17:00, London copper reported 6019 US dollars / ton
.
In the market, the Shanghai copper recovery was blocked at the 10-day moving average, and the shock hovered above
48500 yuan / ton.
The arrival of imported copper increased, the market encountered the return of copper prices and the high premium pattern to increase the willingness to ship for cash, the morning market quotation was 140~190 yuan / ton in the premium, but there were many shipments, reproducing the pattern of oversupply, and the transaction completely had room for price reduction
.
There are many intraday dumpers, and the downstream is not eager to receive the goods, and the 1809 to 1901 contract, the contract for 5 consecutive months has almost no spread, speculators are suppressed and difficult to find the direction
of operation.
In the afternoon, the market fell sharply, the discount continued to expand, and the buyer temporarily gained the initiative to trade, as long as there was a purchase, there was the power to suppress the price, but the transaction was still light
.
At present, the Sino-US trade negotiations are not expected to be optimistic, and the macro bearish background is difficult to dispel
.
The US dollar extended its
high around 95.
3.
Pay attention to the minutes of the Fed's August meeting, the weekly MBA mortgage application activity index week-on-week, EIA gasoline and crude oil inventories changes, the total number of existing home sales in the United States in July annualized, and short-term copper price volatility is expected
.
