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Shanghai copper index at the beginning of the week in the trade war slowed out of the rebound trend, the price rushed up 51720 yuan, in the middle of the week in the war factors and domestic economic data differentiation, copper prices followed the zinc price fell and lower, approaching the low of 50360 yuan at the beginning of the week on Friday, the week finally closed at 50750 yuan, up 190 yuan, or 0.
38%, the weekly position of the index decreased by 98 lots to 842,000 lots
.
In the external market, the LME copper price rebounded after stepping back to the low of $6750.
5 at the beginning of the March copper week, and once rose to $6987.
5 in the middle of the week before coming under pressure again, closing at $6826 as of writing, up $43.
5, or 0.
64%,
during the week.
In terms of the market, spot copper prices rose sharply at the beginning of this week, market volatility intensified, wait-and-see sentiment dominated market trading, receiving demand was poor, it was more difficult for holders to ship after the price was transferred to premium, the price was loose, and the premium also declined
.
After copper prices continued to fall on Friday, middlemen raised prices, spot prices rose again in an all-round way, and the willingness to replenish stocks downstream near the weekend was better, middlemen also picked up goods, the market trading atmosphere continued to improve, and the overall transaction was acceptable
.
In terms of news, the United States reconsidered joining the TPP, and geopolitical tensions suspended, the overall market risk aversion has cooled, and the market continues to pay attention to the development
of the Middle East.
However, China and the United States have not yet conducted any level of negotiations on the issue of trade frictions, and worries about trade wars linger; The Fed's March minutes were slightly hawkish, boosting the dollar's low rebound and weighing on metals markets
.
At the beginning of this week, the Sino-US trade war eased, the market was more bullish, and the market began to be affected by the tension in Syria in the middle of the week, the market risk aversion heated up, in addition to Thursday's surprise plunge in zinc prices contributed to the decline in copper prices
.
At present, the copper market is slow to destock, susceptible to market sentiment, and lacks directional guidance, and is expected to continue to maintain a wide range of volatility in the short term
.
From a technical point of view, the price on the weekly K is still in a narrow range above the 60-week line, but the bullish trend has turned around; On the daily K, the Shanghai copper index MACD golden cross, KDJ dead cross, the price fell below the moving average, short-term or downward test of the 50,000 yuan mark support
.
