Tuesday, Shanghaicopper futuresThe main 1708 contract opened at 45170 yuan/ton. After the opening, the copper price repeatedly consolidated around the opening price. After the copper price surged to 45310 yuan/ton in the afternoon, it was under pressure on the 10-day moving average to fall, and the late trading accelerated to 44920 yuan/Ton closed at the big shade line. During the day, Shanghai copper continued to fall, in view of the sharp decline in Lun copper, or low open after upward repair.

Luntong opened at US $5637/ton. After the opening, Luntong slowly moved up to US $5659.5/ton based on the daily moving average. Then, under the suppression of the 40-day moving average, Luntong dived and stabilized at a low level of US $5554/ton. As of 17:26, Luntong reported US $5572/ton. Nilun copper plunged sharply, is expected to short-term upward repair-oriented, correction too fast decline.

Overnight, the U.S. ISM non-manufacturing index was 56.9 in May, 57.1 below expectations, but the index was above the 50 mark for 89 consecutive months, representing continued expansion of non-manufacturing companies such as the service sector. Another British poll data shows that before the London terrorist attacks, British Prime Minister May's Conservative Party had a 1% lead. The sudden announcement of the severance of diplomatic relations with Qatar by Saudi Arabia and other countries has also made crude oil prices full of uncertainty, and the global situation is still risky. On the domestic front, China's central bank conducted a 498 billion-yuan one-year MLF operation with a winning bid rate of 3.2 percent, unchanged from the previous period. Towards the middle of the year, the market is still expected to be tight on the capital side. In addition, recently, many banks in Beijing, Shanghai, and Guangzhou have once again tightened their mortgage policies, and some banks have raised the first home loan interest rate by 10% or even 20%.

Shanghai copper futures fell slightly. Holders wanted to firm up their premium shipments. Speculators were cautious. Some middlemen received the goods due to long-term delivery demand. Flat copper was still priced at a low price, with little price difference with good copper. Wet copper was still lacking in interest, and the price difference with flat copper widened. The mainstream fluctuation range of daytime copper was only within 50 yuan/ton, and the supply rate was relatively quiet. Although some downstream copper prices fell back, there was a small increase in the volume of goods received, but the overall transaction did not improve.

On the whole, the global macroeconomic recovery is relatively moderate, the appreciation of the RMB, the increase in risk aversion, capital tightening is still under pressure on the copper market, with the end of the peak consumption season to end the support of copper prices will gradually weaken, the medium-term maintenance of short-term thinking.