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Overnight, the main 1805 contract of Shanghai copper opened at 50970 yuan / ton, and stabilized at the daily moving average at the beginning of the session, but the external drag was too serious, and the bears entered with their positions, dragging copper prices all the way down to the low of 50160 yuan / ton
.
The latter part of the bears took profits, the decline in copper prices slowed down, briefly sorted out, and the shock increased at the end of the day, closing at 50,420 yuan / ton, down 570 yuan / ton, and the warehouse decreased by 1,442 lots to 299,000 lots
.
China and the United States began trade negotiations, the market's worries about the trade war have eased, risk aversion has cooled, and demand has gradually and slowly rebounded to boost copper prices, so it is recommended that Shanghai copper short order take profit and exit, but the uncertainty of the trade war may still trigger the market's risk aversion again, so the probability of short-term strength of Shanghai copper is not large, it is recommended to wait and see
for the time being.
The trade war started as scheduled, and market concerns about the future state of the economy were intensified
.
Copper prices will still fall under the dominance of bears, and it is expected that the main force of Shanghai copper today will be 50000~50400 yuan / ton
.
In terms of spot, with the plate falling again, the downstream side continues to bargain replenishment, market activity or decline again, it is expected to discount 200~120 yuan / ton
today.
