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The Shanghai copper index price high sideways at the beginning of the week, the high was 54080 yuan, the copper price fell sharply in the middle of the week, opened low on Friday to 52260 yuan, and then stabilized and rebounded, and finally closed at 52680 yuan this week, down 1230 yuan, down 2.
28%, and the weekly position of the index increased by 52806 lots to 860,000 lots
.
In the external market, the LME copper price rushed up to $7,179 at the beginning of the March copper week, and then the price fell unilaterally under pressure, rebounded slightly after reaching a minimum of $6,858.
5, closing at $6,947.
5 as of the press time, down $162.
5, or 2.
29%,
during the week.
In terms of the market, this week is the first complete trading week after the Spring Festival, the market demand is slow, the holder of the week slightly price but shipment difficult, Friday spot discount expanded to C300-C160 yuan / ton, after the holiday demand has not returned to the normal level, downstream copper manufacturers most of the pre-holiday bargain stock is sufficient, more consumption of their own inventory, because of the accumulation of spot inventory, holders to make profits and shipments are still difficult, copper price volatility makes traders maintain caution, the overall market
。
Scrap copper market, the market supply is obviously in short supply, the current holders of more price shipments, downstream enterprises basically ended the holiday but still not a large number of work, in the environmental protection strict investigation and scrap seven types of copper policy under the dual influence, the transaction is general, it is expected that the market will resume normal trading
next week.
Because the fundamentals are currently not significantly supported by the future, the macroeconomic performance at the beginning of the year is slightly pessimistic dragging down the trend of copper prices, in the long run, the sharp reduction in scrap copper imports has formed a significant support for copper prices, and Shanghai copper may still be weak in the short term, focusing on when the demand for the golden season will start
.
In terms of news, the new chairman of the Federal Reserve expressed an optimistic view on the economy during the week, triggering market concerns about accelerating interest rate hikes, and the US dollar index rose in response, coupled with the slower recovery of domestic copper spot market demand and high inventory accumulation, all of which had a negative impact
on copper prices.
After the short-term plunge, pessimism was vented, and it is expected that the short-term weak shock operation
.
From a technical point of view, on the weekly k, KDJ dead cross, MACD dead cross, the price is temporarily supported by the 10-week line, and the bullish trend is damaged; On the daily K, the Shanghai Copper Index MACD golden cross, KDJ dead cross, the price fell to the moving average system below the short arrangement, there is still room for decline below, temporarily pay attention to the support
at 51,000 yuan.
