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Thursday morning Shanghai copper main 1810 contract opened low at 48320 yuan / ton, the beginning of the session fluctuated running, short positions increased, copper prices down, along the 48080 yuan / ton a wide range of oscillations, during the period briefly below 48000 yuan / ton, to a low of 47960 yuan / ton
.
In the afternoon, the short profit reduced the position, copper prices rose slightly, the short continued to replenish the position, again gave up the rise to 47960 yuan / ton, closed at 47990 yuan / ton, down 580 yuan / ton, down 1.
19%
per day.
In terms of external trading, London copper opened at 5997.
5 US dollars / ton, the beginning of the session fluctuated at 5995 US dollars / ton, after the Asian market opened, bears entered with positions, copper prices fell, along the 5945 US dollars / ton line of narrow range
.
In the afternoon, a small number of bears left the market, copper prices rose slightly to 5964 US dollars / ton after being blocked, again oscillated downward, low to 5901 US dollars / ton, the integer mark temporarily supported, slightly rebounded, as of 17:30, London copper reported 5929 US dollars / ton
.
In terms of the market, Shanghai copper fell back, the market for the next month's ticket source quotation increased, the holder of the morning market reported that the monthly ticket premium of 110 ~ 150 yuan / ton, traders have shot to reduce the price, there is enough space, the holder took the initiative to adjust the price to seek the transaction
.
Entering the second trading session, the holders suspended the price adjustment, the quotation remained stable, and some downstream bargain-hunting entered the market to replenish.
In the afternoon, the market continued to fall, and the downstream and traders inquiry atmosphere was acceptable, but there was basically no willingness to receive goods at a low price, so the transaction activity was significantly weakened
compared with the morning.
In terms of news, the US dollar rose again to 95.
4 after a brief weakening, the Sino-US trade war began again, and China's tariffs on $16 billion of US goods were officially implemented, and market tension rose
.
Due to the lack of news on trade negotiations, and the mutual tariffs will still be implemented as scheduled during the negotiations, the market confidence is low, and the copper price rise is weak, which once again falls into weakness; At the same time, after the release of the minutes of the Fed's August meeting, the market expects that the probability of raising interest rates in September has reached 94%, and the recovery of the US dollar has suppressed copper prices; The short-term macro bearish has not been repaired, and copper prices still have room
for decline.
