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On Wednesday, the Shanghai copper main 1709 month contract opened in a narrow range, after which the price fell back to the lowest 50160 yuan, the copper price rebounded weakly in the afternoon, but it was still subject to the average price line, and closed at 50030 yuan at the end of the day, down 290 yuan, down -0.
58%, and the index position decreased slightly by 1572 lots to 716,000 lots
.
In terms of external trading, LME copper rose slightly higher to the highest $6,356 after the opening in March, and then fell sharply to $6,354 under pressure, and the Asian market rebounded after the open, the price rushed up to $6,392.
5, after which the price fell sharply to $6,308, and the price fluctuated in a narrow range in the afternoon, and the final price closed at $6,330, down $17.
5, or -0.
28%.
In terms of the market, the market trading picked up during the mainstream trading session in the morning, copper prices pulled back after a sharp rise, holders have a strong willingness to hold prices, the discount narrowed to C120-C50 yuan / ton, attracting traders to replenish at the low, downstream procurement and stocking enthusiasm has also improved, low-priced sources are more sought-after, and transactions are dominated
by good copper.
In terms of news, overnight U.
S.
data was generally poor, but China's July Caixin manufacturing PMI rose 0.
7 percentage points from the previous month, hitting a four-month high, the main growth driver came from strong external demand, as the world's largest copper consumer, manufacturing data performance to offset some investors' concerns about the slowdown in the U.
S.
economy, optimistic expectations for China's demand outlook limited copper price
declines.
From the perspective of futures, Shanghai copper fell below the 5-day moving average within the day, MACD, KDJ have an adjustment trend, but still stand on the 50,000 yuan integer mark, it is expected that short-term copper prices will continue to fluctuate at this price, but the pressure on the upper front high should not be underestimated, continue to pay attention to downstream procurement
.
