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On Thursday, the Shanghai copper main 1805 month contract continued to open at 51440 yuan in the morning, and then the price maintained a volatile trend at a high level, the price ran in a narrow range above 51000 yuan, and closed at 51240 yuan, up 400 yuan, or 0.
79%.
In the external market, LME copper opened up at $6,856 in March and then fell back down, and the price fell to a low of $6,812.
5 before maintaining the shock, closing at $6,831, up $0.
5, or 0.
01%.
In terms of the market, the market liquidity is relatively abundant, and the sharp rise and fall of copper prices in the short term has made the middlemen wait and see heavier, and the market continues to lower the discount after poor shipments, and the overall trading situation is average
.
It is understood that the current demand for copper market has gradually recovered, and the orders for oxygen-free rods are more prosperous, driving the demand for electrolytic copper to increase
significantly.
This is largely related to the continued high premium of recycled copper, affected by environmental protection issues, domestic recycled copper is difficult to obtain import supplements, supply continues to be in short supply, and holders are more reluctant to sell after the continuous decline in copper prices, maintaining high premium quotations
.
Under high cost pressure, downstream users have turned to purchasing more price-competitive electrolytic copper as raw materials for production, thereby accelerating the digestion of electrolytic copper
.
Due to the lack of supply replenishment, many recycled copper processing plants in Qingyuan and other places are in a semi-suspended state
.
Overnight, the Federal Reserve announced a rate hike and hinted that the pace of interest rate hikes this year may slow down, the dollar index is under pressure, and non-ferrous metals have rebounded due to this, but it is worth noting that the current macro is weak, and the market is worried that the Sino-US trade war may break out, copper prices lack directional guidance, or maintain a wide range of volatility in the short term, but the impact of negative factors in the future copper market gradually weakens
.
From the perspective of futures, Shanghai copper main MACD dead cross, KDJ dead cross, the price of a sharp reversal of the previous day's decline, short-term low of 50350 yuan support is effective, the price stands at 51000 yuan or will go to the 5-day moving average
.
