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On Friday, the US non-farm payrolls data exceeded expectations, the dollar soared, and the net long position in COMEX copper hit a record high, and the market bullish copper price sentiment was stronger
.
Copper prices fluctuated at a high level last week, and the game between long and short sides became more intense
.
London copper opened at 6347.
5 US dollars / ton on Friday, the initial trend showed a rush back down, and then gradually moved up from a low of 6340 US dollars / ton, running in a narrow range near the daily moving average
.
During the European and American session, copper prices suddenly began to fall in a straight line, all the way down to 6320 US dollars / ton after stopping the decline to run, strongly breaking through the five-day moving average to hit the high of 6400 US dollars / ton, but lack of stamina, bulls began to take profits, and finally closed at 6362 US dollars / ton, up 17 US dollars / ton
.
In terms of the market, as of August 4, the spot price of London copper was $6,290/ton, a discount of $26.
25/ton over the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
89 (import ratio was 7.
96), and the import loss was 226 yuan / ton; The actual ratio of the Shanghai Copper Lian-3 contract to the London copper March contract was 7.
95 (the import ratio was 7.
96), and the import loss was 82 yuan / ton
.
In terms of news, after the release of a series of economic data in the United States on Friday, the dollar bottomed out and rebounded, base metals were under pressure across the board, and over the weekend London copper showed obvious volatility, in the case of obvious support for copper supply worries, basically remained above $6300, the decline did not expand as expected, and London copper is expected to fluctuate
strongly in the range of $6300-6500.
