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On Thursday, the Shanghai copper main 1805 month contract opened slightly higher than 52,400 yuan in the morning, then fell back under pressure, fell slightly to 51,980 yuan in the afternoon and then stabilized and rebounded slightly, closing at 52,120 yuan, down 30 yuan, or 0.
06%.
Index holdings decreased by 3,496 contracts to 872,000
.
In the external market, LME copper opened as high as $7,011.
5 in March, then the price came under pressure to start a correction, falling to a low of $6,956 in the afternoon, and rebounded slightly before the Asian market closed, closing at $6,970.
5, down $11.
5, or 0.
16%.
In the market, on Thursday, domestic spot copper prices rose slightly, Guangdong spot 1# copper price was 51980 yuan / ton, up 350 yuan; Yangtze River spot 1# copper price was reported at 51870 yuan / ton, up 340 yuan, copper discount 240 - discount 200; Shanghai spot 1# copper price was 51745 yuan / ton, up 235 yuan
.
The market flow is relatively abundant, the holders make profits to ship but the market demand is not good, the shipment is more difficult, the discount continues to expand in the later period, and the overall trading of the market is
deadlocked.
In terms of stocks, COMEX copper stocks 233234 short tons as of March 14, down 185 tons from March 13; LME copper stocks were 319825 tonnes, down 1,650 tonnes from March 13; As of March 15, SSE futures inventories were 136934 tons, an increase of 8,578 tons
from the previous day.
Industry news, BHP Billiton announced in an email that it will invite miners at Chile's Escondida mine to begin advance wage negotiations
with union representatives.
BHP's Escondida mine, the world's largest open-pit copper mine, is located in Chile and supplies approximately 8% of the world's copper mines
.
The Escondida union said its members would hold expected talks and vote
on the wage proposal between March 18 and 23.
Overnight, the market is worried about the Sino-US trade war, dragging down the collective weakening of non-ferrous metals, copper prices trend high and low, the current downstream consumption has not significantly improved, inventory pressure is large, the delivery day trading atmosphere is slightly worse, the market supply is more, resulting in a continuous downward adjustment
of premium.
The current copper price lacks directional guidance, and may maintain a wide range of volatility in the short term
.
From the perspective of futures, Shanghai copper main MACD dead cross, KDJ gold cross, the price rushed higher after encountering the downward trend line pressure at the upper 30-day moving average of 52800 yuan, short-term prices may have repeated
.
