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On Friday, the Shanghai copper 1702 contract opened at 46880 yuan / ton, after the opening of Shanghai copper first short-term decline to 46680 yuan / ton, with the offshore yuan depreciation to 6.
9432, a small number of long buying entry, short covering, Shanghai copper back to 47060 yuan / ton, but still stopped at the 20-day moving average, bulls have closed their positions outflow, copper prices dived, at 46460 yuan / ton to close at the doji
。 Intraday Shanghai copper wide range shock, fell below the Bollinger Road middle rail, currently suspended between the middle rail and the lower rail, in addition to LME copper stocks in recent days continued to increase sharply, SHFE inventory weekly report also shows that Shanghai inventory increased by 13610 tons, copper prices are inevitable, the later Shanghai copper is still dominated by wide range shocks, running in the range of 46200 yuan / ton - 47200 yuan / ton
.
In terms of the external market, London copper opened at 5733.
5 US dollars / ton, during the Asian session, London copper around the daily average of 5725 US dollars / ton around a wide range, intraday repeatedly hit the 5-day moving average, unable to break through, bulls gave up, London copper straight down, the European session LME announced that copper stocks increased by 11775 tons, London copper leaked continuously, lost the middle track of Bollinger Road, as of 17:50, London copper reported 5670.
5 US dollars / ton
。 Intraday copper weak shock, cut at the middle band of Bollinger Road, the dollar suppressed copper prices near the 103 high, long funds retraced sharply, it is expected that the short-term is still a weak tone, focus on support around $5650 / ton
.
On the macro front, the soaring US dollar has intensified the depreciation pressure of the RMB, which in turn has led to the stronger performance of copper and aluminum on the inside than on the outside
.
Although the Fed's rate hike boots landed, the preset rate hike path exceeded market expectations, mainly due to strong US economic data
.
The unusually hawkish Fed statement caused the dollar index to soar to a 14-year high, although copper and aluminum resisted the decline in the internal market, but the rebound space is also limited by the strong dollar, and there is still a weak market in the short term
.
In terms of the market, Shanghai copper narrow finishing, after the change of month enterprises gradually entered the year, holders are eager to exchange cash, actively reduce the price of cash copper to seek transactions, now copper all the way down rapidly, the quotation of premium copper from the morning discount 80 yuan / ton expanded to 130 yuan / ton, flat water copper quotation from the morning discount 180 yuan / ton to the discount of 240 yuan / ton, wet copper discount is huge, quotation discount 370 yuan / ton - discount 310 yuan / ton, quotation cash exchanger is numerous, few responders, the transaction is not as good as yesterday, Initial year-end characteristics
.
In the afternoon, the market has a sufficient supply of copper, the water is expanded, the flat water copper is expanded to 280 yuan / ton - 250 yuan / ton, the premium copper sticker underwater expansion to 170 yuan / ton - 100 yuan / ton, the transaction price is 46220 yuan / ton - 46650 yuan / ton
.
On the whole, the US dollar rate hike did not exceed market expectations, and copper bulls and bears are still cautious
in the short term.
In terms of spot, after the month change, the company gradually entered the year, and the holders were eager to exchange cash, and actively reduced the price of cash copper in order to seek transactions, and the current copper fell rapidly, the transaction was not as good as yesterday, and the characteristics of the end of the year were clear
.
