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On Wednesday morning, the Shanghai copper main 1905 contract opened low at 49540 yuan / ton, after the opening price rose slightly to 49650 yuan / ton, bulls continued to reduce their positions, copper prices maintained a slow pullback downward trend, before noon to test the low of 49500 yuan / ton, before noon around the low of 49530 yuan / ton oscillation to close.
Entering the afternoon, affected by the external market, copper price performance rose, after testing to the daily moving average, around the daily average of 49660 yuan / ton oscillation, the end of the session failed to successfully break through the daily moving average, slightly fell back to 49570 yuan / ton, down 50 yuan / ton, down 0.
1%.
In terms of external trading, Asian market, London copper opened at 6482 US dollars / ton, after the opening copper price around the daily moving average narrow correction, and then in a short-term test of 6475 US dollars / ton, copper prices quickly tested 6492 US dollars / ton, but due to the morning dollar higher, copper prices failed to maintain a high level, copper prices continued to fluctuate downward in the afternoon, testing down 6474 US dollars / ton
。 In the afternoon, copper prices began to rise at a low level, at the end of the Asian market, copper prices have risen to 6488 US dollars / ton above the daily moving average, and then entered the European market, copper prices broke through the 6500 US dollars mark in one fell swoop, tested 6504 US dollars / ton after a rapid decline, bears actively entered the market, copper prices were directly knocked down to a low of 6461 US dollars / ton, after a short low test, the price has recovered, as of 17:30, London copper reported 6483 US dollars / ton
.
In terms of the market, the overnight Shanghai copper rush was blocked from pulling back, and the copper price continued to fluctuate
around 49,300 yuan / ton during the day.
Holders of the morning market quotation premium 20 ~ 150 yuan / ton, the market continues to perform stalemate saw, good copper can be pressed to 130 ~ 140 yuan / ton, flat water copper holder quotation is more persistent, maintain a premium of 20 yuan / ton nearby, it is difficult to find a low-price source, wet copper stability quotation discount 80 ~ discount 50 yuan / ton, downstream continue to buy at a low price, although traders have the willingness to receive goods at a low price, but the price reduction space is limited
.
In the afternoon, the willingness of holders to raise prices became stronger, the market rose, and the premium continued to show firm, downstream buyers were afraid of heights, traders were constrained by the current lack of profit space, and the enthusiasm for buying was weak
.
Recently, crude oil prices have continued to reach new highs, providing strong support for copper prices, and the current macro is good, and the copper market itself has more fundamentals, and copper prices are expected to still have upside
.
At present, the London copper closing negative body is supported by the 5-day moving average, and the MACD red bar is in the expansion range
.
Wait for the US dollar guidance to test whether London copper can effectively break through the $6500/mt mark
upwards.
The Shanghai copper closing below the body was supported by the 5-day moving average during the day, and the KDJ indicator opening turned high, which was bearish for copper prices
.
Wait for the guidance of the external market to test whether the main force of Shanghai copper can hold the position
of 49,500 yuan / ton.
