The foreign LME copper closed flat at 7474 U.S. dollars per ton on Wednesday. The Asian stock market fell sharply yesterday to suppress copper prices. However, the domestic reserve cuts in the evening and the six major banks in the world jointly lowered the U.S. swap interest rate news, reviving the market. Good U.S. data also provided support. In the late afternoon, copper prices hit a maximum of 8,000 U.S. dollars per ton, and closed at 7,786.25 U.S. dollars per ton, a gain of 5.26% per day. On Wednesday, LME stocks fell by 3,900 tons to 386,625 tons, and warehouse receipts were written off 6.24%, a slight decrease, but remained high.
Looking back at the domestic market, Shanghai Copper (57770,2880.00, 5.25%) was affected by the external disk and opened with a daily limit. After the opening of the domestic PMI data, the price of copper fell back to a low of RMB 57,910/ton in the afternoon, which was an increase of 5.5% per day. Shanghai copper's positions have fallen sharply and trading volume has remained stable. It can be seen that the early trading limit has left short positions to leave, but the downturn of PMI data has caused the bulls to have a low recovery. In the domestic spot market, today's Yangtze River spot price is 58350-58500 yuan/ton, Pingshui copper premium is 50 yuan/ton, and premium copper premium is 200 yuan/ton. Despite the short-term opening trend of Shanghai copper in the morning market, many people in the market are skeptical of their sustainability and are therefore cautious.
On the disk, today's copper prices gapped higher and opened just below the 60-day moving average and fell slightly, but the gap still caused a 55,000 range consolidation and the copper price returned to the 58,000 range. In terms of macroeconomic outlook and copper fundamentals, the rise in copper prices yesterday was not driven by fundamentals. The liquidity injection expected by the market was the main reason for the rise. At this stage, domestic industries are still slowing down, but the short-term injection of liquidity in Europe and the United States may prevent copper prices from falling in the short term. On the list, it is recommended that short-term reductions be made in the previous period.
Looking back at the domestic market, Shanghai Copper (57770,2880.00, 5.25%) was affected by the external disk and opened with a daily limit. After the opening of the domestic PMI data, the price of copper fell back to a low of RMB 57,910/ton in the afternoon, which was an increase of 5.5% per day. Shanghai copper's positions have fallen sharply and trading volume has remained stable. It can be seen that the early trading limit has left short positions to leave, but the downturn of PMI data has caused the bulls to have a low recovery. In the domestic spot market, today's Yangtze River spot price is 58350-58500 yuan/ton, Pingshui copper premium is 50 yuan/ton, and premium copper premium is 200 yuan/ton. Despite the short-term opening trend of Shanghai copper in the morning market, many people in the market are skeptical of their sustainability and are therefore cautious.
On the disk, today's copper prices gapped higher and opened just below the 60-day moving average and fell slightly, but the gap still caused a 55,000 range consolidation and the copper price returned to the 58,000 range. In terms of macroeconomic outlook and copper fundamentals, the rise in copper prices yesterday was not driven by fundamentals. The liquidity injection expected by the market was the main reason for the rise. At this stage, domestic industries are still slowing down, but the short-term injection of liquidity in Europe and the United States may prevent copper prices from falling in the short term. On the list, it is recommended that short-term reductions be made in the previous period.
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