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On Thursday, the main force of Shanghai copper opened low at 42,930 yuan / ton in the morning, and after the opening, the bulls increased their copper prices by more than 100 yuan / ton, and briefly hovered
at 43,030 yuan / ton.
Immediately after the bears continued to increase their positions, copper prices quickly fell to the lowest point of the day of 42800 yuan / ton
.
At this low level, the short exit drove copper prices to rebound, and the center of gravity stabilized at 43,010 yuan / ton, and closed at 43,040 yuan / ton
at midday.
Copper prices opened sideways in the afternoon
.
Near the close, bulls fled and caused copper prices to fall, and finally closed at 42910 yuan / ton, down 80 yuan / ton, down 0.
19%.
In terms of external trading, Apan Lun copper opened at 5223 US dollars / ton, and after the opening of Shanghai copper, London copper short-term rushed to the highest point of the day of 5235.
5 US dollars / ton
.
However, the upward impulse energy was insufficient, dragged down by the fall in oil prices, and London copper fell back to the 5200 mark, around the 5228 US dollars / ton level of shock sorting
.
At the end of the Asian session, London copper rose slightly by $10/ton, and then fell sharply
.
Entering the European session, the decline of London copper intensified
.
With LME inventories reporting a surge of 55,650 tonnes, and more than half of the increase came from Busan, South Korea, London copper plummeted below the 5200 mark, directly testing the lowest point of the day at $5181.
5/ton
.
As of 17:00, London copper closed at $5182.
5/ton, down $29.
5/ton, or 0.
57%.
In terms of the market, the trend of copper in the morning market is V-shaped, and the recovery after the low risk of 43,000 yuan / ton mark is hindered by 43,200 yuan / ton in a narrow range, the price difference shrinks to less than 200 yuan / ton in the next month, and before 11 o'clock it is basically stable in the range of 170-180 yuan / ton, market holders have no willingness to dump goods, good copper concentrated trading in the premium 10 ~ liter 20 yuan / ton range, flat water copper mostly around flat water - premium 10 yuan / ton, there is little room for price reduction, traders transaction activity is reduced, However, due to the obvious decline in absolute prices, some downstream companies have been attracted to replenish the market, and the enthusiasm for inquiry has increased
.
If the spread continues to narrow significantly and approach the 100 yuan line, the premium is expected to be raised again, and the transaction will further improve
.
In the afternoon, the plate was sideways in a narrow range of 43150-43200 yuan / ton, and the spot was also stalemated in flat water to 5 yuan / ton, good copper premium 10 yuan / ton, the transaction price was correspondingly 43150-43200 yuan / ton, tomorrow's premium water may be pushed slightly more
.
Last night, the chairman of the Federal Reserve delivered a speech, believing that the US economy is facing unprecedented downside risks, while refuting the possibility of using negative interest rate policy at this stage, which cooled market risk appetite and opened low in Shanghai
.
In the past, Jiangxi Province issued 16 relevant measures to support the copper industry, including tax incentives, reducing electricity costs, expanding copper consumption, etc.
, which strongly supported copper prices and hedged the market's pessimism about the macroeconomic recession
.
