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On Monday, the main 1805 contract of Shanghai copper opened at 49890 yuan / ton, and the bulls retreated from the market at the beginning of the session, and the bears entered the market strongly, dragging copper prices all the way down, away from the daily moving average
.
It received some support at the low point of 48720 yuan / ton, and then recovered slightly and sorted out
at 49250 yuan / ton.
However, affected by the news related to the trade war, the market panic continued, the trend of capital flight was difficult to eliminate, and copper prices were still slowly declining
.
It fell slightly at the end of the day, closing at 49,000 yuan / ton, down 1,260 yuan / ton, or 2.
51%, down 2.
21% on Friday, and nearly 5% in two days
.
In terms of external trading, London copper opened at 6638 US dollars / ton, slowly rising at the beginning of the session, touching the high of 6650.
5 US dollars / ton pressure is obvious, copper prices fell sharply, bottoming out at 6561.
5 US dollars / ton, and then rose slightly, above the daily average line of 6590 yuan / ton a narrow finishing
.
With the fermentation of market sentiment, copper prices slowly fell below the daily moving average, showing a volatile downward trend and constantly moving away from the
moving average.
After entering European time, the LME announced that copper stocks increased by 35,000 tons to 352,750 tons, and the London copper amplitude expanded
slightly.
As of 17:20, it was quoted at $6551 / ton, down $98 / ton
.
In terms of the market, the risk aversion of the macro market continues to be high, base metals continue to have a large outflow of funds, bears continue to dominate the market, the spot market, a large outflow of value preservation orders, and the market supply performance is excessively generous
.
Traders undercut the price of the receipt, the downstream performance has a certain differentiation, there is a part of the financial strength of the downstream bargain collection, but this week has entered the end of the first quarter of the capital pressure cycle, many enterprises helpless to be constrained by funds, the market presents a clearly outstanding oversupply state, and the decline in the market has not stopped, but also to a certain extent inhibit the activity of speculation
.
In the afternoon session, the market slowly declined, the trading volume further decreased, traders remained on the sidelines, and the downstream just needed to take the goods
.
Holders hold flat water copper, waiting for the supply downstream, good copper is difficult to sell
.
In terms of stocks, as of March 23, COMEX copper stocks 231638 short tons, down 1,102 tons from March 22; LME copper stocks were 317,750 tonnes, down 1,750 tonnes from 22 March; As of March 26, SSE futures inventories were 134272 tons, down 2,278 tons
from the previous day.
Overall, the Fed's interest rate hike in March landed, in line with market expectations, and macro bearishness was released to a certain extent, but copper downstream consumption recovered slowly, short-term spot supply was abundant, and copper prices lacked upward momentum
.
The Sino-US trade war has heated up, increasing the uncertainty of global economic growth, and market concerns have significantly suppressed
copper prices.
The later trend also depends on downstream demand and the evolution of the trade war
.
FYI
.
