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On Tuesday, Shanghai copper was weak and volatile, the main monthly 1805 contract opened at 51950 yuan / ton, the highest intraday 52200 yuan / ton, the lowest 51710 yuan / ton, settled 51930 yuan / ton, closed 51740 yuan / ton, down 300 yuan
.
The trading volume of the Shanghai copper 1805 contract decreased by 98,348 lots 210318 lots throughout the day, and the position increased by 4,444 lots to 295518 lots
.
Boosted by the Fed's interest rate hike expectations, the dollar performed strongly during the day, and London copper came under pressure to fall, at 15:00 Beijing time, London copper's latest quotation was 6884 US dollars / ton, down 31 US dollars
.
In the short term, there is a lack of favorable factors to support, copper prices are still constrained by the trend of the US dollar, and it is expected that Shanghai copper will maintain a volatile finishing pattern
.
In terms of the market, Shanghai copper opened high and low, continued to consolidate around the 5-day moving average, the price difference expanded to 300 ~ 330 yuan / ton in the next month, the holder struggled to rise up, good copper held firmly in the premium 20 ~ 30 yuan / ton, flat water copper around flat water, discount 10 yuan / ton is slightly better, flat water copper market favor is still higher than good copper, although the trading volume is not as good as the previous day, but still relatively stable, downstream to maintain just need to receive goods, speculators are not active, performance is cautious, supply and demand stalemate pattern is temporarily difficult to break
.
In the afternoon session, quotations narrowed slightly, downstream remained just in demand, and speculators were not active
.
Pingshui copper reported a premium of 0~10 yuan, a liter copper premium of 30~40 yuan, and the transaction was sporadic.
In the near future, although copper prices rebounded low supported by Chilean strike news, LME copper stocks increased by 10,000 tons, which was bearish for copper prices, coupled with the continuous increase in domestic inventories after the holiday, copper prices rebounded weakly, overall, the short-term copper market is more bearish than positive, this month's Fed interest rate hike is still the focus of market attention, putting continuous pressure
on base metals.
On the plate, the pressure line of 52,000 yuan / ton is obvious, and the volatility trend may continue
in the short term.
