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On Wednesday, the main 1709 contract of Shanghai copper opened at 47220 yuan / ton, after the opening of Shanghai copper short-term low to 47100 yuan / ton, below by the support of the 10-day moving average, bulls quickly increased their positions, copper prices rose to 47320 yuan / ton, after touching the 5-day moving average, some long disks flowed out, short disks continued to flow in, copper prices pulled back, closed at 47140 yuan tons, down 90 yuan / ton
.
Intraday Shanghai copper showed a wide range of volatility, domestic shibor interest rates down, capital abundant, the dollar is still showing an upward trend, it is expected to be weak in the short term, or gap low opening followed by the external market fell below the 10-day moving average
.
In terms of external trading, London copper opened at 5888.
5 US dollars / ton, during the Asian session, London copper ran smoothly around the daily moving average, and then the center of gravity moved up to the daily average above 5898 US dollars / ton to run, European session, with the rise of the US dollar, copper prices slightly down, the LME announced that copper stocks increased by 40325 tons, copper prices leaked straight down, broke through the 10-day moving average, tested down to 5831 US dollars / ton, as of 18:00, London copper reported 5846 US dollars / ton
.
During the day, Lun copper pulled back again, the dollar rebounded and copper inventories soared to put pressure on copper prices, London copper fell below the 10-day moving average, and the correction after 3 consecutive negatives is likely to continue
.
Pay attention to the US factory orders in May
.
In terms of the market, Shanghai copper fluctuated around 47,000 yuan / ton in a wide range during the day, the basis of the next month was within 100 yuan, and the price difference with the far month has exceeded 200 yuan / ton, the Shanghai ratio is difficult to recover performance, the source of imported copper circulation is reduced, domestic copper smelters take the lead in rising water, large traders continue to receive goods for long orders, the market opening quotation is fully premium, the transaction is obviously suppressed by the high premium, the intraday market maintains high activity in trading, and it is still large traders leading the market
.
In terms of news, North Korea's missile test boosted market risk aversion, and Chilean copper mines faced the threat of strikes to provide support for copper prices, and the overall price changed little
after the trade-offs offset each other.
Shanghai copper opened slightly rebounded under the threat of a strike in the morning, and then because China's data fell less than expected, the overall price as of the close was almost unchanged, the long funds profit-taking mentality gradually appeared, the later need to beware of copper price fall risk, it is expected that Shanghai copper in the range of 47000-47200 yuan shock steady, if the later favorable good news stimulated, is expected to break through the upper 5-day moving average resistance, if not, will maintain a high consolidation
.
