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On Tuesday, the Shanghai copper main 1809 contract opened at 50,000 yuan / ton in the morning, and the bulls left the market with profits at the beginning of the session, and the center of gravity of copper prices fell slightly, to 48,500 yuan / ton A line of shock operation, with an amplitude of about
160 yuan / ton.
In the afternoon, dragged down by the external market, copper prices continued to slide to Monday's opening price of 49580 yuan / ton
.
Subsequently, the bulls bought a small number of dips, and by the end of the day, copper prices recovered slightly, closing at 49,760 yuan / ton, up 220 yuan / ton
.
In the external market, London copper opened at 6424 US dollars / ton, and the beginning of the session fluctuated around the opening price, with an amplitude of about
20 US dollars / ton.
At noon, the dollar fluctuated upward, London copper fell under pressure, although there was a brief rebound, but then the decline continued, until the low of 6330 US dollars / ton, the shock sorted, as of 17:30, London copper was reported at 6347.
5 US dollars / ton
.
The US dollar rose strongly during the day, London copper came under pressure downward, market confidence has not yet recovered, the market trend is mainly stable, the pressure of 6400 US dollars / ton above may increase, but there is still 6300 US dollars / ton integer below for support
.
In the market, futures rebounded spot did not follow, and the overall buying force weakened
.
The RMB has risen rapidly and the import loss has decreased, focusing on its sustainability, and copper imports may increase
in the future.
In the afternoon, the market pulled back slightly, the spot market transaction was still light, the quotation of good copper did not change much from the morning, the downstream inquiry atmosphere was further weakened, flat water copper was forced to expand the discount to 50 yuan / ton, but the results were very little, the purchase volume continued to decline, flat water copper sticker 50 yuan / ton - 30 yuan / ton, good copper post 10 yuan / ton - flat water, the transaction price was 49370 yuan / ton - 49500 yuan / ton
.
In terms of news, China's June CPI of 1.
9% year-on-year was in line with expectations, slightly expanded month-on-month, and was in the "1 era" for three consecutive months; In June, the PPI hit a new high of 4.
7% year-on-year, higher than expected and the previous value, and the economic data boosted market sentiment, and Shanghai copper is expected to fluctuate
strongly in the short term.
Shanghai copper showed a volatile trend during the day, with the main contract closing at 49760 points, up 0.
44%.
On the plate, the 5-day line turned from pressure to support, pressure was applied above, copper prices consolidated below 50,000 points, trading volume decreased again, and the rebound momentum slowed down
.
Although the bearish sentiment has eased recently, copper prices also have technical rebound demand after the sharp fall, but in the case of weak copper consumption and no greater positive news, it is expected that the recent copper price volatility trend is dominant, and attention is paid to the possible adverse impact
of the previous copper price decline on Chilean copper mine labor negotiations.
