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On Tuesday, the main contract of Shanghai copper 2001 opened at 47090 yuan / ton in the morning, and then due to the call between the leaders of the Sino-US economic and trade sides again, trade optimism expectations continued to heat up, and then the bulls increased their positions, Shanghai copper rose to the highest point of the day at 47130 yuan / ton, but due to the Federal Reserve chairman's optimistic attitude towards the US economic expectations, The US dollar index rose for 6 consecutive days to reach a high around 98.
3, which suppressed copper prices, superimposed on the market has always been worried about the demand side, Shanghai copper briefly tested high and quickly fell, until the end of the midday center of gravity moved down to around 47070 yuan / ton, the afternoon opening Shanghai copper center of gravity continued to maintain stability around 47040 yuan / ton oscillation until the close, the end of the session closed at 47070 yuan / ton, the increase was flat
.
In the external market, the Asian market copper opened at 5878 US dollars / ton, and after the opening, the Asian copper price basically maintained a volatile market, and the center of gravity fell slightly to around
5865 US dollars / ton in the afternoon.
Then entered the European market, due to the good news in the trade market, coupled with the German consumer confidence index turned good, copper prices were boosted, straight up 5895 US dollars / ton, but soon, due to the blow of crude oil demand, the high closing made Lun copper quickly fall from the high straight line, giving up all the previous gains, returning to test the lower 5855 US dollars / ton
.
As of 17:30, London copper was trading at $5860.
5/ton, down 0.
11%.
In terms of the market, Shanghai copper continued to consolidate along the 47,000 yuan / ton line, today's Shanghai copper continues to consolidate along the 47,000 yuan / ton line, the market focus revolves around bills, holders holding the monthly ticket price sentiment is still strong, the opening market continues the previous day's quotation premium 90 ~ premium 120 yuan / ton, the willingness to hold the price remains unchanged, there is little room for price reduction, the market continues to have demand for tickets, the holder's quotation can only be fine-tuned, good copper concentrated transaction around 110 yuan / ton, flat water copper mostly around the premium 90 yuan / ton / Ton - 100 yuan / ton, wet copper source market concentrated transaction in the premium 40 ~ liter 50 yuan / ton
.
Most of the transactions in the day still revolve around the demand for the current monthly ticket, and the activity of trade speculation is acceptable, and when the curtain of the monthly ticket gradually comes to an end, the transaction activity of the next monthly ticket can be effectively improved
.
In the afternoon, the quotation of the month's ticket remained firm, the performance of copper prices fell slightly in the afternoon, the market response was flat, and the market performance was stalemated
due to the fact that holders still borrowed notes and limited supply.
Shanghai copper fluctuated intraday, slightly higher in overnight trading, the main contract closed at 47360, and London copper rose sharply by more than 1% to close at 5943
.
Fundamentally, the 2020 copper concentrate long order TC signed by Jiangcopper, Tongling Nonferrous Metal and Free Port last week was $62, far lower than the 2019 long order price, and the tightening of the mine end is the biggest support
for copper prices in the medium and long term.
LME fine copper stocks fell slightly last week, domestic social treasury and bonded zone inventories increased, and global explicit stocks remained low
.
There is no significant improvement in consumption in the short term, but there is still a seasonal improvement expectation for real estate and power
grids in the medium term.
Operationally, it is recommended to sell short 49000 call options in the near month to continue to hold, the probability and space of forward Shanghai copper rise is still high, and futures unilaterally maintain the idea
of dipping below 46800.
