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On Tuesday, the main 1811 contract of Shanghai copper opened at 47850 yuan / ton, and the copper price rose to 48020 yuan / ton, and the 48000 yuan / ton mark was blocked from falling
.
Before the afternoon of the Asian market, copper prices were under pressure on the daily moving average, with a narrow range, and the volatility was only 50 yuan / ton
.
In the afternoon, a large number of bears increased their positions, copper prices fell under pressure, all the way down, testing down 47630 yuan / ton, closing at a low of the day, closing at 47680 yuan / ton, down 480 yuan / ton, down 1%.
In terms of external trading, London copper opened at 5952 US dollars / ton, after a brief consolidation near the opening price at the beginning of the session, the Asian market opened slightly upward, touching 5973 US dollars / ton, 5970 US dollars / ton was blocked to fall back below
the daily moving average.
In the afternoon, the US dollar index soared straight up to 95.
5, London copper was under pressure and frustrated, all the way down, entering the European session without any signs of stopping, testing down 5834.
5 US dollars / ton, as of 18:00, London copper reported 5862.
94 US dollars / ton
.
In terms of the market, Shanghai copper temporarily held 48,000 yuan / ton, the price of holders was firm in the good copper premium of about 160 yuan / ton, flat water copper premium of about 130 yuan / ton, although the market inquiry atmosphere is positive, but the actual transaction has resistance
.
Downstream market entry hesitation, market transactions are still dominated by traders, but traders need to reduce prices, low-priced sources of goods have transaction opportunities
.
Intraday import costs hovered near the break-even point, the market performance was more tangled, the supply and demand sides showed a stalemate, and the spot premium was difficult to reduce
temporarily.
On the news front, the Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) showed that China's manufacturing activity grew at its slowest pace in more than a year last month, with export orders contracting for the fifth consecutive month and employment further decreasing
.
Overall, the U.
S.
-China trade dispute has slowed factory activity and weakened interest in metals, and an escalating trade war could derail global growth, putting pressure on copper prices and limiting
the short-term rebound.
