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Tuesday Shanghai copper 1905 contract opened at 49260 yuan / ton in the morning, the center of gravity after the opening was basically stable at 49270 yuan / ton, affected by the external market before the afternoon, bulls actively buying, copper prices began to fluctuate and rise, the afternoon opening has tested 49480 yuan / ton, during the period of performance concentrated trading at 49310 yuan / ton position, after the afternoon short-term high, copper prices slightly pullback, the center of gravity fluctuated around 49390 yuan / ton, the end of the session tested 49490 yuan / ton, closed at 49450 yuan / ton, up 420 tons, Up 0.
86%.
In terms of external trading, Asian market, London copper opened high at 6427 US dollars / ton, opened low 6422.
5 US dollars / ton, and then due to the continuous fermentation of Brexit events, the pound rose, the US index fell below the 97 position, copper prices slowly fluctuated higher at the beginning of the session, accelerating before noon, the center of gravity has been shown around 6464 US dollars / ton to maintain stability and repair, until the end of the Asian session, copper prices performed a slight correction, downward test the daily average, but due to the strong upward force, copper prices short-term lower 6450 US dollars / ton, Copper prices performed quickly and fluctuated, and as of 17:20, London copper was quoted at 6488.
5 US dollars / ton
.
In the market, Shanghai copper ran above the daily moving average, slightly rising from the previous day to the 49,800 yuan / ton line, and the next month contract spread back structure narrowed to about
90 yuan / ton.
Spot quotations continue to follow the narrowing, holders of the price to raise the water sentiment further fermentation, good copper quotation full premium, morning market quotation premium 10 ~ 20 yuan / ton, middlemen buy strong, the transaction enthusiastic, so the holder again raised the quotation to 40 ~ 50 yuan / ton, but the transaction activity has not been further improved, the market temporarily stopped
.
Under the leadership of traders, the market is actively trading, downstream inquiries are increasing, buying is acceptable, low premium sources are still attractive, the price spread before delivery within the week is weak and continues to narrow, and the spot premium will still follow the upward
rise.
In the afternoon, due to the upcoming delivery day, the good copper premium continued to rise, driving the quotation of flat water copper to rise, the market transaction is still dominated by trade speculation, the market atmosphere continues to pick up, trade holders are reluctant to sell in the afternoon, and the quotation is firm and pushes up
.
Focusing on Brexit progress, the vote in the UK Parliament on Prime Minister Theresa May's Brexit deal will affect the market's view of the pound, and the US CPI in February is higher than the previous reading
.
Test whether London copper can continue to test, stand firm on the 5-day moving average and rush another $6500 / ton
.
