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On Friday, the main 1710 contract of Shanghai copper opened at 50290 yuan / ton, after the opening in the long position increase driven, copper price shock upward to 50560 yuan / ton, then short selling, copper price slightly down, then short profit taking, copper price center of gravity gradually down, low to 50230 yuan / ton, bears took advantage of the low position to leave the market, copper prices rose again, rushed to 50630 yuan / ton, the end of the day, finally closed at 50420 yuan / ton, up 90 yuan / ton
。 During the day, domestic commodities rose in a large area, chemicals led the rise strongly in early trading, non-ferrous metals were running strongly overall, with a net inflow of 800 million yuan, and a net inflow of 320 million yuan into the Shanghai copper index, ranking first in the list of non-ferrous metals, market sentiment picked up, and Shanghai copper is expected to continue to consolidate
in the short term.
In terms of the external market, London copper opened at 6349 US dollars / ton, after a short stay near the opening price, that is, the shock rose to around 6375 US dollars / ton, the bears increased their positions into the market, London copper fell back, the center of gravity gradually moved down, the low touched 6341 US dollars / ton after getting support, London copper began to oscillate upward, touched to 6383.
5 US dollars / ton after the upward rush was blocked, copper prices fell back to the daily moving average near the shock operation, as of 17:02, London copper reported 6366.
5 US dollars / ton
.
During the day, London copper fluctuated strongly, and the overall center of gravity shifted slightly upward, and it is expected that London copper will continue to fluctuate at a high level in the short term
.
In terms of the market, Shanghai copper test 50,000 yuan mark support, now copper difficult to maintain the premium quotation structure, morning market high cash sentiment made holders early to lower the quotation, since the premium of 10 yuan / ton due to the inability to deal forced to near Pingshui, wet copper discount 100 yuan transaction is acceptable, dragging flat water copper to 30 yuan / ton
.
In the morning, the performance of the holders was divergent, some of the price holders were weak in trading, at the end of the afternoon, the market once fell below 50,000, the willingness of the previous value preservation recipients to ship for cash increased, and the transaction of those who actively lowered the discount improved compared with the previous day, and the demand side had the space and ability
to reduce prices.
Although it is trending towards delivery, the spot market has started a premium push trend this week, and the market still lacks a certain degree of
recognition.
In the afternoon session, the market rose, but the holder's quotation remained stable, the market inquiry was still the same, there was a tendency to find low-priced sources, a small amount of low price good copper has a discount transaction, flat water copper discount 30 yuan / ton - discount 20 yuan / ton, good copper discount 10 yuan / ton - flat water, the transaction price is 50,000 yuan / ton - 50220 yuan / ton
.
Next week, as delivery approaches, although the premium structure will be correct, the size of the premium will still be guided
by the basis change.
In terms of news, overnight the United States announced that the July non-manufacturing index fell more than expected, coupled with China's Caixin manufacturing data slightly lower than expected, the dollar index rebounded slightly, Shanghai copper showed a rebound in the morning trading and then fell, the market gradually digested the short factors to close slightly higher, the morning long and short competition was fierce, supply disturbance and the dollar in the short term difficult to rebound trend support, bulls confidence is still sufficient, technical indicators remain strong, above the 5-day moving average or limit short-term gains, it is expected that Shanghai copper around the 50,000 mark narrow fluctuations
。
