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On Tuesday, the Shanghai copper main 1711 month contract opened under pressure to 51420 yuan, then the price rebounded, and rose all the way to the afternoon, to 51800 yuan under pressure, the price maintained a narrow range of shock, closing at 51700 yuan, up 360 yuan, or 0.
70%, index positions decreased by 488 lots to 648,000 lots
.
In the external market, LME copper opened high at $5753.
5 after the opening in March, rushed up to $6755 and fell sharply to a low around $6694, and maintained a narrow range, and the price rebounded to around $6739 in the afternoon, and the final price closed at $6723, down $24, or 0.
36%.
On the macro front, the Asian dollar index fell slightly under pressure, basically maintained its overnight rally, and is now trading around 91.
7, and the short-term dollar index continues to decline after facing technical rebound demand
.
Overnight, the panic of Hurricane Irma in the United States subsided, European and American stocks rose sharply, and North Korea did not conduct another missile test over the weekend, which also reduced market risk aversion
.
In terms of the market, the mainstream trading session in the morning market trading is general, spot copper prices rebounded slightly, holders once again held up the price to sell, the market supply before delivery is slightly tight, spot copper premium rose to C10-B60 yuan / ton, the market continues to maintain a wait-and-see state, the downstream reception at the beginning of the week is insufficient, reluctance to sell to the middleman to buy poorly, the overall trading is general, intraday wet copper resources are slightly better
.
In terms of news, the decline of the yuan caused the domestic market to be significantly stronger than the external market, reversing the previous trend, especially the aluminum market soared, coupled with the late black series rose sharply, the market panic has improved
.
However, copper prices will remain volatile at a high level driven by continued good economic data and the upcoming consumption season
.
From the perspective of futures, MACD dead cross, KDJ dead cross turned, Shanghai copper main force continued to step back on the 40-day moving average, the previous gap below the support is strong, but short-term or maintain the adjustment trend, the upper lost ground is difficult to quickly recover
.
Continue to pay attention to downstream procurement
.
