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On Wednesday, the Shanghai copper 1608 contract opened at 35110 yuan / ton, after the opening Shanghai copper first slightly tested down to 35070 yuan / ton, the US interest rate hike decision before the bearish exit, waiting for the US interest rate hike decision
.
Shanghai copper volatility upward during the day, due to the recent Shanghai copper has been hovering at a low level, the lower 35,000 yuan / ton failed to effectively fall, the short funds accumulated in the early stage have flowed out of hedging, it is expected that Shanghai copper will test the pressure of the 5-20 daily moving average upward, pay attention to the breakthrough ability
of the 35,500 yuan / ton line.
In the external market, London copper opened at 4524.
5 US dollars / ton, after the opening of the short position sharply reduced, London copper extended the daily moving average oscillation upward, rose to yesterday's highest position of 4570 US dollars / ton, then the shock fell back, but near the 5-day moving average to get support, then the US index fell back to 94.
78, crude oil rose back to 49.
58 US dollars / barrel, driving London copper back up, London copper all the way to the upside, to 18:18, London copper reported 4633 US dollars / ton
.
In terms of the market, on the last trading day before the 1606 delivery, the current copper premium changes
with the rise and fall of the basis of the next month.
Downstream continues to wait for post-delivery dip opportunities, and holders are eager to overreport premiums after delivery
.
Although there was a small number of quotations in the afternoon, there was almost no transaction in the market, and the premium was reported at 30-60 yuan / ton, and the transaction price was 35380-35480 yuan / ton
.
The intraday market conditions fully show the characteristics of pre-delivery, although the quotation is enthusiastic, but the transaction is light, and the transaction activity may improve
after the change month.
On the whole, the intraday trend of Shanghai copper is relatively resistant to declines, and it is not easy
to perform in other sectors, especially in the case of black and grease falling sharply.
Shanghai copper 1608 contract broke the 35580 gap support last week, hit the previous low 35080 target to give, intraday low open impact the previous low, low open high, back to the gap pressure, still pay attention to 35600 pressure and 35070 support, maintain range operation, short-term signs of rise, bulls are expected to open
again.
