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On Wednesday, the main 1703 contract of Shanghai copper opened high at 47,000 yuan / ton, after the opening of the Shanghai copper main force first tested as low as 46,750 yuan / ton, and then driven by the black lead, bulls enthusiastically increased their positions, copper prices then extended the upward trend, during the short-term back to the daily average after continuing to rise, the high touched 47260 yuan / ton, with 47160 yuan / ton closed at the long white line, up 1380 yuan / ton
.
Shanghai copper increased its position upward during the day, jumping above all moving averages, Shanghai copper has accumulated a large number of long profit orders after the big rise, be wary of bulls falling into the bag for safety
.
In terms of external trading, London copper opened high at 5756 US dollars / ton, at the beginning of the Asian market, London copper short long short line liquidation, so that London copper briefly fell to the 5730 US dollars line, tested down 5728 US dollars / ton, and then in the Chinese market black series driven, bulls poured in again, copper prices soared, rose to 5777 US dollars / ton, pullback to 5760 US dollars / ton around the momentum consolidation, the afternoon plate continued to rise, strong touch of 5788.
5 US dollars / ton intraday high, into the European session, a large number of bulls closed out , copper prices fell in response, the center of gravity moved down to around 5750 US dollars / ton to finish, as of 17:30, London copper reported 5758 US dollars / ton
.
Intraday copper has shaken off the previous sideways stance and jumped above all moving averages, and is expected to stand in the mid-Bollinger band, with the upper pressure center of gravity moving up to a previous platform at $5770-5790
.
Watch for EIA's monthly short-term energy outlook
.
On the macro front, China's CPI maintained a moderate upward trend in December, with the rise slightly declining, but driven by rising commodity prices, PPI sharply exceeded expectations and updated a more than five-year high, turning from a 5.
3% decline at the beginning of last year to a 5.
5%
increase.
However, investors are cautious ahead of U.
S
.
President-elect Donald Trump taking office on January 20.
In addition, profit-taking
is also possible in the Chinese market ahead of the Chinese New Year later this month.
In terms of the market, Shanghai copper rebounded sharply by more than 1,000 yuan, the price difference in the next month remained above 100 yuan / ton, speculators stored operating space, continued to enter the market to receive goods, favored premium copper, premium copper premium was further pushed up, but the space is relatively limited, the quotation premium of more than 80 yuan / ton transaction is more weak, flat water copper favor is low, maintain the previous day's quotation level, some warehouse receipts outflow, downstream demand-based, copper prices close to 47,000 yuan / ton market transaction began to shrink, there is a fear of heights
。 In the afternoon, the market continued to rise, the holder price was weak, the premium 60 yuan / ton to rise water copper is not recognized by the market, falling back to the premium 20 yuan / ton - premium 60 yuan / ton, flat water copper rising water is weak, downward expansion is not willing, maintain the quotation discount of 10 yuan / ton - premium 20 yuan / ton, the transaction price of 46660 yuan / ton - 46860 yuan / ton, downstream into a wait-and-see attitude, market transaction is weak
.
In terms of news, it is reported that Indonesia will introduce new rules on concentrate exports and taxes in the next few days, and will completely ban the export
of copper and other concentrates from January 12.
This also supported copper prices to some extent, but the impact is expected to be very limited
due to the small amount of copper ore exported from Indonesia to China.
According to data released by customs, China imported 3,188 tons of copper concentrate from Indonesia in November last year, accounting for only 1.
15%
of the total for that month.
However, the general consensus in the market that the copper market will have a supply shortage in 2017, or give a long-term boost to futures prices
.
At present, from the perspective of leading factors, China's inflation data hints at a further recovery of the domestic economy as the main driving force
.
Above the copper market, the domestic spot premium continued to expand, speculators continued to enter the market to receive goods, downstream on-demand procurement was the mainstay, and fear of heights increased
with the rise of the market.
Technically, copper prices have rebounded sharply, but considering the risk of withdrawal of funds at the end of the year, short-term operations
are still recommended.
