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On Thursday, the main force of Shanghai copper 1708 opened immediately from the high level, after which the price fluctuated in a narrow range above 46,000 yuan, and continued to close at noon, and the afternoon copper price dived, once fell to 45,750 yuan, closed at 45,810 yuan, up 310 yuan, or 0.
68%, and the index position decreased slightly by 7,520 lots to 531,000 lots
.
In terms of external trading, LME March copper opened slightly higher at $5741.
5 in the morning, and then opened with a huge shock, falling to $5690 and then instantly rising to $5775, after which the high fell back and fluctuated in a narrow range, and the price plunged straight at the end of the day, and the Asian market closed at $5706, down $19, or -0.
33%.
In terms of the market, the market trading in the morning mainstream trading session continues to remain light, the market off-season effect gradually strengthens, the overall lack of demand support, the current market oversupply is more obvious, copper prices have recently fluctuated sharply also caused the downstream wait-and-see mood to spread, only on-demand procurement-based, downstream due to sluggish demand and capital constraints choose to wait and see, the afternoon discount continues to relax, the overall procurement enthusiasm is insufficient
.
In terms of news, the strike time of the Indonesian copper mine in the free port was extended by one month, and the supply worries were difficult to solve, and the World Bureau of Metal Statistics released data showing a shortage of 5,000 tons of copper market from January to April, and a slight shortage of global copper market supply may continue
.
However, the current market consumption off-season, near the end of the quarter, the market is a little afraid, position data shows signs of a slight reduction in positions, bulls' confidence is slightly insufficient, the late black series plunge put the market under pressure again, or will shock lower
.
From the perspective of futures disk, Shanghai copper intraday rushed high and low, MACD is about to die cross, KDJ dead cross, the price temporarily stands on the 5-day moving average support, but the pressure above 46,000 yuan is huge, and at the same time may face the possibility of continuing downward, continue to pay attention to downstream procurement
.
