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On Tuesday, the Shanghai copper main 1808 contract opened at 51290 yuan / ton in the morning, and from the beginning of the session to noon, it ran along the 51300 yuan / ton line, with an amplitude of about
100 yuan / ton.
In the afternoon, the US index fell back to its high, London copper rose sharply, and the A-share market opened at a low level to show signs of rebound, boosting market confidence
.
After the noon open, the bears immediately left the market, and the copper price rose sharply to touch 51560 yuan / ton, and then along the 51520 yuan / ton line of oscillation, but the amplitude narrowed
.
At the end of the session, bears entered the market with their positions, and left the market shortly, and copper prices gave up some of their gains in the afternoon, closing at 51430 yuan / ton, up 137 yuan / ton
.
In the external market, London copper opened at 6565.
5 US dollars / ton, and briefly fluctuated
near the opening price at the beginning of the session.
Subsequently, the US index rose sharply, and London copper fell under pressure to a low of $6524 / ton, and after a short hover, it turned from a decline to 6550 US dollars / ton
.
At noon, London copper fluctuated in the range of 6535~6545 US dollars / ton, and then the US index fell back to the high, and London copper rose straight back above the 6600 US dollars / ton line
.
After a short consolidation, entering the European and American time, London copper stopped falling and stabilized, climbed up quickly to 6612.
5 US dollars / ton, and then gave up some of the gains, as of 17:30, London copper reported 6590 US dollars / ton
.
In terms of the market, Shanghai copper fell continuously, the market has been close to 51,000 yuan / ton, holders continue to hold the price mentality, traders inquiry actively intend to receive, in the morning market some traders can receive flat water copper discount 120 ~ 110 yuan / ton, good copper performance is slightly inferior, the quotation from the discount of 60 yuan / ton was forced to expand to 80 yuan / ton
.
The intraday market has a rare proactive atmosphere, and downstream and traders have participated in bargain hunting, and the discount may further narrow
rapidly.
In the afternoon, the market rebounded, the market quotation continued to be firm, flat water copper has been discounted 90-80 yuan / ton, good copper even heard of the discount 40 yuan / ton quotation, but the transaction with the rebound of the plate is obviously suppressed, although the market has an inquiry atmosphere, but the actual buying is limited, most holders are not in a hurry to ship, the discount is expected to continue to narrow
slightly.
In terms of news, Peru's copper output in May increased by 1.
8% year-on-year to 214,141 tons, an increase of small amounts; the United States will impose tariffs on $34 billion of Chinese goods on July 6, trade war concerns persist, investors are cautious, and it is expected that Shanghai copper will be volatile in the short term
.
