Taurus Futures: Shanghai copper fell all the way, Shanghai aluminum dragged down again

Bronze: The Shanghai copper main contract fell all the way today and fell 930 yuan to 36,390 yuan from the previous settlement price. The LME floor experience slipped from 4,018 to 3,950, and then from 3,892.5 off the court to 3,830. The repressed bears seemed to be getting a bit of relief. In Asian time, Chinese selling dominated the market. From the inventory weekly reported by the Shanghai Stock Exchange today, the overall inventory still fell, but the futures warehouse receipts increased by nearly 9,000, and the rise of the short market made the market become active again. From the point of view of the LME copper positions, there has been no large-scale decline, and the spot premium is still at a high level, the fund can still easily squeeze the squeeze market, and now we will wait for the CFTC announced spec net wide positions. On the price, the price broke below 3,880, which caused a certain blow to the current good rising pattern. However, as long as it does not fall below 3,820, it still does not constitute a double-headed reversal market technically, and it can still maintain bullish thinking. In operation, the domestic long-term orders on the previous day have stopped trading at the end of the day and re-introduced today to break below 35900 as a stop loss point.

Aluminium: Today's Shanghai Aluminum was dragged down by the overall decline in the market, and it oscillated after being pulled up in the morning. The 601 contract fell by 110 yuan to 17,150. Judging from the overall contract, the early speculative bulls have shown signs of withdrawing from the market. The ability of the price to rise continuously has been questioned. The bulls have to leave the market first and then wait until the position is stable before choosing to intervene.

(Jiniu Futures Du Yunpeng)