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On Tuesday, the main 1707 contract of Shanghai copper opened at 44790 yuan / ton, the two markets opened low in the morning, shibor rose across the board, the capital is still tight, after the opening copper price in the pressure of short positions to increase the shock fall, the low broke through the daily moving average, low to 44570 yuan / ton, stopped at the lower Bollinger Road, in the afternoon, with the collective rise of the Shanghai Index and Shenzhen Index, copper prices rose at a low level, recovered some of the decline, closed at 44730 yuan / ton, down 320 yuan / ton
.
During the day, Shanghai copper first suppressed and then rose, the operation was relatively stable, and in the short term, it may be able to repair upward based on the lower rail of Bollinger Road, and pay attention to the support
of the lower rail.
In terms of external trading, London copper opened at 5499 US dollars / ton, copper prices fell all the way during the Asian session, until the lowest to 5477 US dollars / ton at noon, in the afternoon, with the rise of the Shanghai Index, Shenzhen Index, and LME inventory decreased by 8725 tons, copper prices rose sharply, erasing all intraday declines, pulling up to 5523.
5 US dollars / ton, as of 17:30, London copper reported 5513 US dollars / ton
.
On the macro front, the president of the Cleveland Fed on Monday advocated an early rate hike, and may even raise interest rates more than twice this year, since last week's Fed's May FOMC interest rate meeting, the number of Fed officials calling for a reduction in the balance sheet as soon as possible in the second half of the year is increasing, although the recent macro data in the United States is mostly less than expected, but the Fed's pace does not seem to be significantly affected
.
In terms of the market, Shanghai copper continued to decline, holders maintained a high willingness to cash out, sufficient supply of copper, diversified brands, so that the current copper premium water further narrowed, especially good copper active reduction of the willingness to reduce the premium is more obvious, near noon some middlemen due to long order delivery demand into the market to receive, now copper premium is still in a tug-of-war, but downstream did not see obvious entry into the market, transaction fatigue
。 In the afternoon session, the low level of the market rose, there were many traders at the beginning of the session, the holders tried to raise the price, but the actual transaction was small, the holder was weak, the quotation was the same as in the morning session, flat water copper reported a premium of 30 yuan / ton - premium 40 yuan / ton, good copper reported a premium of 40 yuan / ton - 60 yuan / ton, the transaction price was 44640 yuan / ton - 46800 yuan / ton
.
On the industrial side, Tektronix Resources suspended operations at its two Highland Valley mines due to adverse weather affecting mine operations
.
Production impacts have not yet been determined, and mills, tailings and other mining areas have not yet been affected
.
Poland's KGHM said it was unlikely to restart plans to build the second phase of the Sierra Gorda copper mine in Chile, which was originally planned to produce 220,000 tonnes of copper per year when the second phase was completed in 2018 or 2019
.
Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds still has a pressure on copper prices, and the downstream has always had limited access to the market during the peak consumption season, and the supporting effect of terminal consumption on copper prices will gradually weaken with the end of the consumption season, and maintain a bearish idea
in the medium term.
