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Today's Shanghai copper main force 1607 oscillation
.
The morning shock was weak, slightly fell to the lowest, then rebounded to pick up, and after the midday shock rose to the highest point, it fell back at the end of the day, and finally closed at 35190 yuan, up 40 yuan, or 0.
11%.
In the external market, today's LME March copper shock rose, late diving
.
It opened at $4563 in the morning, bottomed slightly at $4554.
5 and then rose sharply, rushed to a high of $4587 at midday, and fell back in the late session, closing at $4560.
5 during the domestic trading session
.
On the macro front, after the Fed minutes hinted at a possible rate hike in June, a succession of Fed officials raised this expectation, and the dollar index stabilized at the 95-point mark
.
In addition, China's economy continued to be sluggish, the recent economic data released was not satisfactory, demand worries and excess pressure have increased, under pressure, copper prices have continued to consolidate in the low price range in recent days, waiting for news guidance
.
In terms of the market, the market supply is slightly tighter today, spot is still higher, traders are bullish on premiums, selling at high prices, and buying spot goods in the market
.
Downstream manufacturers are not moved by the hype in the market, and are not optimistic about the later copper price, still purchasing on demand and maintaining a wait-and-see
.
Most traders have a volatile view, while a small number of traders have an upward view
.
In terms of news, data released by the General Administration of Customs showed that China's copper imports in April were 341,677 tons, an increase of 3.
65% from the same period last year, but down 40%
from 570,000 tons imported in March.
The decline in copper imports shows that the domestic copper market demand has slowed down, coupled with the intertwining of external markets, copper prices may increase only
in the short term.
Overall, copper futures prices continue to fluctuate repeatedly between 34800-35200, but the downward trend of copper futures has formed, and the current long and short or waiting for the opportunity to open the import window
.
At present, the price rebound lacks strength support, and the overall weakness remains unchanged
.
In the short term
, it still looks at the range of 48200-35200.
