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On Wednesday, the main force of Shanghai copper 1707 months oscillated, after the morning opening from the lowest point slightly raised, the morning maintained near the daily moving average oscillation, midday pulse rose to the highest point of 45650 yuan soon after diving down, the end of the shock, and finally closed at 45390 yuan, up 100 yuan, or 0.
22%, the position decreased by 8550 hands to 211564 lots
.
In the external market, the LME copper shock rebounded
in March.
The morning opened at 5606 yuan, after the opening fell slightly to 5597 US dollars, then bottomed out and maintained a shock rise, at noon once impulse straight to the highest point of 5640 US dollars, then diving down, late volatility, domestic trading hours closed at 5619.
5 US dollars
.
In terms of the market, intraday market trading is flat, traders shipment enthusiasm is acceptable, with the decline of the premium and the expansion of the basis, the trading situation is slightly better than the previous trading day, the manufacturers who have stopped production and maintenance have begun to resume work and purchase, but still on demand, overall, the downstream procurement willingness is not positive
.
The afternoon premium fell slightly from the morning, and the good copper was reported at C20-C10 yuan / ton, flat water copper C50-C30 yuan / ton, wet copper C110-C100 yuan / ton or so
.
On the macro front, as the central bank has a clear intention to smooth out liquidity fluctuations, it continued to release liquidity on Tuesday, market sentiment was good, financial markets remained stable, and industrial product prices recovered, especially black price-sensitive gains
.
However, as domestic deleveraging measures are still in the process of gradual implementation, funds will continue to tighten
in the coming months.
In addition, considering the semi-annual assessment of the domestic banking industry in June and the Fed's interest rate hike in June, it is difficult to see easing of funds, and the trend
of tightening will be maintained in the future.
The spot market is trading flat, low-priced sources are trading fairly, but downstream demand is generally weak
.
At present, the macro side dominates the trend of copper prices, due to the macro bearishness, the recent copper price recovery is weak, and the downside may still be large
.
On the technical side, Shanghai copper main 1707 contract, daily level, daily K-line formed a long upper lead, bulls counterattack failed, bears are strong, and under pressure at the MA20 daily moving average, copper prices are expected to be mainly volatile in the short term, the trend is weak or unchanged
.
