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On Monday, the main force of Shanghai copper 1708 opened slightly higher after falling under pressure, falling to the lowest 45430 yuan, after which the price rebounded, to 45610 yuan after the shock finishing again rose to the highest 45770 yuan, the afternoon copper price fell back to a narrow range, closed at 45680 yuan, up 110 yuan, or 0.
24%, index positions decreased by 7076 hands to 530,000 lots
.
In terms of external trading, LME March copper opened low at $5669 in the morning, and once fell to around $5658.
5 after a narrow range, after which the price rose straight up, rising in the afternoon, the highest rose to $5698.
5, after which the price fell under pressure and the price closed at $5682, up $9, or 0.
16%.
In terms of the market, the market trading in the morning mainstream trading session is light, the current market supply and demand are light, spot merchants are facing increasing supply pressure, downstream users are generally less willing to chase higher, holders insist on premium price shipment, but shipments are still difficult, the market favors a good copper source, downstream is still on the sidelines, procurement and stocking confidence is insufficient
.
In terms of news, the overnight market on Friday was relatively calm, and there was no major news to bring directional guidance, the weak operation of the US dollar index still sought support for copper prices, and the black series rose sharply during the day, with the cooperation of funds, the copper market also rebounded slightly, and the rise was more limited
.
In the morning, China's price index of large, medium and small cities across the country showed that the property market continued to cool in May, and investment growth slowed down, or continued to drag on copper demand, and the short-term rebound was highly limited
.
From the perspective of futures, Shanghai copper continued to fluctuate in a narrow range near the 60-day moving average during the day, but the price was still counter-pressed by the 5-day moving average, with slight support below, and the short-term or will continue to oscillate above several medium-term moving averages, continuing to pay attention to downstream procurement
.
