The bearish thinking of Shanghai copper does not change, and the pressure on the upper moving average is large

  On Thursday, the main Shanghai copper 1708 contract opened at 45,060 yuan / ton. After the opening, the copper price fell slightly to 44,960 yuan / ton, and then the copper price rose to 45,360 yuan / ton in two steps. The yuan/ton closed at the big Yangxian, and the Shanghai copper futures rose during the day. The pressure on the upper moving average was great, and the gains were restrained. The pressure of the 20-day moving average was tested in the short term.

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  London copper opened at $5,625/ton. After the opening, London copper slowly declined along the daily moving average, and then bulk commodities rose collectively. Copper prices fluctuated upwards, breaking through all moving averages and reaching as high as $5,692.5/ton. As of 15:55, the London Copper News 5684.5 US dollars / ton. Inner London copper has risen sharply, and there are many risk events, so beware of aggravating and falling. Eyes on the ECB's interest rate decision and former FBI director Comey will testify before a Senate committee on an investigation into possible Russian interference in the U.S. election.


  U.S. Treasury prices slipped on Wednesday after former FBI Director James Comey released written testimony about the agency's investigation into Russian meddling in last year's U.S. presidential election that investors thought was less serious than they had expected. The European Central Bank is widely expected to keep policy unchanged at its meeting on Thursday, including a 2.3 trillion euro bond-buying program and pledge to keep interest rates low. However, sources told Reuters last week that the ECB would ditch the language of “downside risks” in its statement, acknowledging the improved economic outlook.


  Shanghai copper continued to be weak, and the holders shipped at a high price, because after some large traders received the goods on the previous day, the supply of current spot copper in the market was limited. It was active at one time, but after entering 11 o'clock, the Shanghai copper futures market quickly rose by nearly 200 yuan / ton, and the market supply decreased accordingly. We are willing to stock up too much, and the transaction will rise first and then decline, and the main body of the transaction is mainly middlemen.

  The main 1708 contract of Shanghai copper rebounded in shock and closed at 45260 in the late market. The main short-term support is 44000, and the bearish thinking will not change, but it is recommended to gradually stop the profit for short orders. If the 44000 support is effective, try to go long.