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On Friday, Shanghai copper main force 1803 opened at 53650 yuan / ton, in the morning trading session, copper prices overall range-bound trend, after the opening copper price slightly rose to 53530 yuan / ton, but obviously impulse energy is insufficient, continue to retreat to 53400 yuan / ton area, there is obvious support here, this trading day three touched this position have rebounded, up to 53600 yuan / ton, the end of the day slightly lower at 53430 yuan / ton, down 410 yuan / ton
.
Spot consumption is becoming lighter and lighter near the Spring Festival, and the pressure of tight capital is prominent, which is not enough to form a unilateral market, and it is expected that short-term range volatility will be the mainstay
.
In terms of external trading, London copper inherited the overnight decline low opened at 7094 US dollars / ton, during the day Trump support a strong dollar remarks support limited, the dollar weakened again, London copper was boosted to a certain extent, relying on the daily moving average during the day, narrow range shock upward, low 7085 US dollars / ton, high 7150 US dollars / ton, as of 18:21, London copper reported 7136.
5 US dollars / ton
.
Intraday inventories increased by another 9,525 tonnes, reaching 300,000 tonnes
again since last September.
LME copper inventories and weak dollar are in a tug-of-war, and London copper is expected to continue to be strongly volatile
.
In terms of the market, Shanghai copper pressure 53500 yuan / ton, snowy weather, the market is cold, the morning market quotation of the holder discount 120 ~ 70 yuan / ton, but few responders, traders take the initiative to reduce the discount, the quotation expanded to about 140 yuan / ton, good copper discount about 100 yuan / ton, the transaction is difficult to improve, until the good copper drops to the discount of more than 120 yuan / ton, trade speculators activity has increased, few downstream markets in the day, consumer buying is far less than expected
.
During the afternoon trading session, the futures market fluctuated greatly, the market was still quiet, there were few transactions, and the discount continued to expand
.
Flat water copper discount 160 ~ discount 140 yuan / ton, good copper discount 130 ~ discount 110 yuan / ton, the transaction price range is 53140 ~ 53300 yuan / ton
.
In terms of stocks, COMEX copper stocks 219766 short tons as of January 25, an increase of 7 tons from January 24; LME copper stocks were 299,600 tonnes, up 22,925 tonnes from Jan.
24; As of January 26, SSE futures inventories were 49,131 tons, unchanged
from the previous day.
The subtotal of 164206 tons in the previous period was down 12,027 tons
from last Friday.
Freeport-McMoRan Inc said it was one step closer to a Grasberg copper license agreement with the Indonesian government, but the world's second-largest copper miner also warned that no formal agreement
had been reached.
Overall, London copper inventories continued to increase, the copper price formed a bearish, but the market reaction this time is not too pessimistic, the dollar continues to decline, London copper trend is strong, the internal disk is limited by the financial pressure near the Spring Festival and downstream consumption light, in the short term the long and short game is more intense, copper prices or fall into a volatile finishing trend, continue to pay attention to domestic spot performance
.
