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On Wednesday, base metals rose across the board, and bearish sentiment fell sharply, indicating that copper prices rose and did not yet stimulate funds to enter
.
Among them, the Shanghai copper gap opened high and went higher, the 1811 contract trading range was 49730-49210 yuan / ton, and closed at 49640 yuan / ton at the end, up 2.
56%
per day.
Copper is now running above the moving average, indicating a strong
bullish willingness to rise.
In the external market, as of 15:40 Beijing time, the three-month London copper was reported at 6120 US dollars / ton, up 0.
47% on the day, and its rising resistance focused on 6200 US dollars / ton
.
In terms of spot, copper prices at home and abroad jumped overnight, leading the rebound
of base metals.
The morning inquiry is active, the willingness of holders to ship is high, the market quotation starts from 300-350 yuan / ton, and the high premium water hinders
the large increase in shippers and the transaction.
At about ten o'clock, the holder took the initiative to lower the quotation to 290-320 yuan / ton, and the transaction gradually improved
.
In the second trading session, holders are still enthusiastic in quotations, flat water copper concentrated transaction at 280-290 yuan / ton, good copper lower quotation premium around 320 yuan / ton, low-price sources favored by speculators, downstream to maintain rigid demand, wet copper sources are difficult to find, tight prices, quotations have been close to the price of flat water copper, the quotation has been raised to 250-270 yuan / ton
.
The copper price has exceeded 50,000 yuan / ton during the day, speculation and downstream consumption are slightly afraid of high sentiment, but traders are optimistic about the various consumption expectations faced by the market, and the pattern of high premium is difficult to change
for the time being.
On the news, the Asian dollar index fell under pressure, indicating a heavier sell-off above, now trading around
94.
4.
In response to the U.
S.
decision to impose tariffs on $200 billion of Chinese goods, China responded by taxing about $60 billion of U.
S
.
goods, albeit at lower rates than previously suggested.
In terms of the industry, recently, the approval and reopening of UHV, rail transit and other projects in many places, a large number of infrastructure projects have started construction intensively, and supporting policies have also entered an intensive period
.
Overall, copper opened higher during the day, indicating that its willingness to rise has expanded, as the market expects the Chinese government to stimulate the economy and fight the pressure of US tariffs, and is expected to further increase investment in infrastructure projects, and base metals are mostly strong.
Operationally, it is suggested that the Shanghai copper 1811 contract can change the operation idea, backed by 49100 yuan above the dip, enter the market around 49500 yuan, and target 50000 yuan
.
