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On Thursday, the main 1709 contract of Shanghai copper opened at 47290 yuan / ton, after the opening of the short open more flat, copper prices fell slightly, back to the 5-day moving average to get support, and then the low level rose, in the afternoon Shanghai copper continued to rise above the daily moving average, touched as high as 47430 yuan / ton, closed at 47400 yuan / ton, up 190 yuan / ton
.
On all moving averages on the Shanghai copper station within the day, there is still room for upside above, and in the atmosphere of generally strong surrounding metals, short-term copper prices are expected to remain strong
.
Externally, London copper opened at 5902.
5 US dollars / ton, copper prices briefly corrected after the opening, found support at the 10-day moving average, and then the low rose back above the daily moving average, and the afternoon release of China's June import and export data was better than expected, bulls were encouraged, increased positions into the market, London copper continued to rise, as of 17:02, London copper reported 5920 US dollars / ton
.
During the day, London copper gradually rose, breaking through all moving averages, and the upward momentum in the short term was still there, holding 5900 US dollars / ton, and charging again
.
In terms of the market, Shanghai copper around 47,000 yuan / ton oscillation, morning market quotations began to show the willingness to stand up, due to the price difference of the next month widened more than 100 yuan, attracting a wave of bargain buying, active buying, quickly show signs of tight prices, the market instantly boiling point is ignited, holders with the basis continues to rise quotations, the second trading session, quotations have been fully premium, downstream stop and watch, traders mostly for basis changes and as.
The intraday market did not sell goods by large traders in the previous two days, and the overall atmosphere of pushing up, and the transaction was suppressed
with the soaring premium.
In the afternoon, the plate continued to rise, fully stood and broke through 47,000 yuan / ton, the basis narrowed to around 100 yuan the next month, the premium was hindered, the quotation softened slightly, the good copper liter fell to 50-60 yuan / ton, flat water copper was pressurized at 30 yuan / ton, downstream fear of heights is cautious, quotations, the transaction has not improved
.
On the news front, U.
S.
Treasury yields fell on Wednesday after a speech by Federal Reserve Chair Janet Yellen dampened expectations of interest rate hikes this year and next, as she remained cautious about
inflation.
In testimony to Congress, Yellen said the Fed "doesn't need further sharp rate hikes" to reach the low end
of its current range of estimates for the neutral federal funds rate.
USDJPY fell on Wednesday, giving up some of its recent gains
, as investors pulled back from the market ahead of U.
S.
Federal Reserve Chair Janet Yellen's congressional testimony.
The three-month LME copper closed up 0.
5 percent at $
5,905 a tonne.
During the day, the main 1709 contract of Shanghai copper maintained a consolidation around 47500, closing at 47400 at the end of the market and a short-term high around
48500.
Therefore, if there is no position to continue to go long, the current price can continue to add long orders
at night.
Wait for the price to break.
