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On Thursday, the main 1710 contract of Shanghai copper opened at 50320 yuan / ton, after the opening copper price slightly down, with the long increase in positions to enter, copper prices rose rapidly, and then around 50520 yuan / ton around a narrow consolidation, intraday high to 50590 yuan / ton, in the afternoon, short open more flat, copper prices shock downward, then around 50280 yuan / ton temporary support, half an hour before the close, bulls again reduced their positions and left the market, copper prices all the way down, fell below 50,000 yuan / ton, closed at 49,980 yuan / ton, down 240 yuan / ton tons
.
During the day, Shanghai copper first rose and then declined, under pressure on the 5-day moving average, and the technical situation continued to pullback
.
In terms of the external market, London copper opened at 6349 US dollars / ton, after the opening of London copper briefly retreated, then up to 6375 US dollars / ton blocked, London copper slightly after the shock around the daily moving average running, in the afternoon, as the bulls took profits, London copper quickly leaked, the low touched 6302 US dollars / ton, into the European session, London copper low rebound, the center of gravity slowly moved up, as of 17:40, London copper reported 6329 US dollars / ton
.
Intraday copper rushed back down, showing a certain pressure above, and it is expected to continue the pullback trend in the short term
.
In terms of the market, Shanghai copper continued to rebound, copper prices returned to more than 50,000 yuan again, and holders opened the market for copper to report flat water ~ 10 liters ~ 20 yuan / ton
.
In the morning market, the transaction of 10 yuan / ton in Pingshui ~ liter is still good, there are still some middlemen replenishing to find low-priced goods, Pingshui copper discount 20 yuan / ton is also actively inquired, but with the rise of the center of gravity of copper, market favor and purchase enthusiasm declined, but the holder's quotation remained firm, and the transaction returned to a deadlock pattern
.
The willingness of cargo holders to raise water again is obvious, but the market is difficult to accept for the time being, and it is feared that there will still be a tug-of-war
between the small water rise levels.
Under the premise of a significant increase in market quotations during the day, the market shipments increased significantly, the trading volume was obviously lower than the previous day, and the transaction first rose and then declined
.
In terms of news, the small non-farm payrolls data released on Wednesday was less than expected, which as a forward guide for the non-farm payrolls data, indicating that Friday's non-farm payrolls data may be unsatisfactory, market confidence has been hit, the dollar opened high and low, weak is difficult to change
.
Investors have again expressed doubts
about the Fed's interest rate hike this year.
This was also exacerbated by the statements of St.
Louis Fed President Bullard, who does not support a rate hike by the Fed in the short term, believing that it will affect the achievement
of the Fed's inflation target.
China's latest Caixin services PMI fell in July, the lowest since May last year, again diverging from Caixin's manufacturing data, the fourth divergence
this year.
The weaker dollar is more positive for copper and aluminum, but mixed economic data from China also put pressure
on copper and aluminum above.
On the whole, the macro long and short factors are intertwined, the fundamentals are differentiated, and the view
of volatility is maintained.
In terms of operation, the Shanghai copper 1710 contract is mostly temporarily held, and those who have not entered the market are mainly
wait-and-see.
