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Wednesday morning Shanghai copper main 1809 contract opened low at 49840 yuan / ton, overnight trading up to break through 50,000 yuan / ton, after the morning open, bulls a lot of positions, the first trading session, copper price shock running at 49985 yuan / ton line, then, short positions, copper price center of gravity moved down to 49940 yuan / ton, short consolidation
.
After the opening of midday, the bulls continued to reduce their positions and leave the market, copper prices fluctuated in a narrow range along the line of 49880 yuan / ton, the amplitude was about 120 yuan / ton, at the end of the session, the bulls continued to reduce their positions, the lowest to 49810 yuan / ton, closed at 49820 yuan / ton, up 40 yuan / ton
.
In terms of external trading, London copper opened at 6299.
5 US dollars / ton, slowly falling to 6256.
5 US dollars / ton at the beginning of the session, after the opening of the Asian market, copper prices fluctuated
in a narrow range along the line of 6270 US dollars / ton.
In the afternoon, London copper crossed the daily moving average and continued to fall, down three steps in a row, fell below the 6200 US dollars / ton integer mark, the 10-day moving average lost, as of 17:30, London copper reported 6168.
5 US dollars / ton
.
In terms of the market, overnight Shanghai copper rushed, but the rebound again appeared within the day was blocked, the market funds were loose at the beginning of the month, the price of the holder raised the water sentiment further fermented, the quotation has been fully premium, the morning market quotation flat water ~ premium 40 yuan / ton, the morning market buying is strong, the transaction is enthusiastic, so the holder again raised the quotation to 10 ~ 50 yuan / ton, but the transaction activity has not been further improved, the market temporarily stopped, so that the transaction maintained flat water ~ premium 40 yuan / ton level
.
The downstream inquiry increased and the purchase was acceptable, and the wet copper was mostly traded
at a discount of 40 yuan / ton.
The supply of low premium water is still attractive, but the intention of cargo holders to push up water is still unfinished, and after a short tug-of-war between supply and demand, spot premium may still rise
in the short term.
In the afternoon, the market supply continued to decrease, the cargo holders further rose to the top, and the receiving party received the goods at a low price, and it was difficult to find a low-priced source
.
If the market continues to fall after the week, spot premiums will continue to rise
.
In terms of news, overnight US economic data was released, the US dollar strengthened, and the yuan continued to fall below 6.
84
.
There is news that China and the United States plan to resume negotiations on trade issues, but this has not yet been confirmed, and if there are positive signals, it is expected to significantly ease market nervousness and further boost copper prices
.
In terms of industry, BHP Billiton's Escondida copper miners' association in Chile, the world's largest copper mine, said on Wednesday that early partial voting showed workers would reject management's proposal and support a strike, with about 90 percent of union members supporting the strike, and sources said workers at the copper miners' association planned to stop work for at least 30 days
.
The news supported copper prices, but the news that the United States may propose a 25% tariff on $200 billion of Chinese goods curbed market risk appetite, and copper prices are expected to be volatile in the short term
.
