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On Monday morning, the main 1809 contract of Shanghai copper opened at 48200 yuan / ton, a large number of short positions were reduced at the beginning of the session, and copper prices climbed to 48310 yuan / ton, and then briefly consolidated
.
Entering the second trading session, the center of gravity of copper prices moved down to 48050 yuan / ton and the first line of shock operation
.
In the afternoon, short profits reduced positions, a small number of long positions increased, copper prices climbed rapidly, touching 48280 yuan / ton, at the end of the session, slightly down, closing at 48250 yuan / ton, up 400 yuan / ton
.
In terms of external trading, London copper opened at 5968 US dollars / ton, slightly rushed up at the beginning of the session, touched 5992 US dollars / ton, and then ran
along 5975 US dollars / ton.
At noon, copper prices came under pressure on the daily moving average to fluctuate in a narrow range, with an amplitude of about
$20 / ton.
In the afternoon, the disk continued to repair upward, the shock upside briefly broke through 6000 US dollars / ton, touched 6033 US dollars / ton, the high gave up part of the gains, as of 17:00, Lun copper reported 6007 US dollars / ton
.
In terms of the market, Shanghai copper continued to repair last week's decline, back to above 48,000 yuan / ton, the weekend came to the market supply did not increase, inventory is still in a tight state, spot premium to raise the price is the willingness of the holder, the morning market quotation flat water copper premium about 200 yuan / ton, good copper premium 240 yuan / ton or so, low-price sources favored by the market, is closed in seconds, active transactions
.
After ten o'clock, the holders continued to raise their quotations, and the replenishment volume gradually cooled down as the premium continued to rise, while the downstream favored low-end imports and low-priced sources
.
Intraday market transactions first rose and then declined, some imported copper arrived in Hong Kong over the weekend, but has not yet entered the market, the premium is high, but the proportion of good copper is small, so the quotation is firm, but traders appear high hesitation, the second trading session, supply and demand stalemate pattern, because of the lack of confidence in whether the market can continue to recover, and whether the subsequent imported copper will continue to clear the market, is not completely certain
.
In terms of news, although Chilean copper mines reached a new agreement to avoid strikes, which is not conducive to the rebound of copper prices, but thanks to the expected progress of Sino-US trade negotiations, market risk willingness has rebounded, and safe-haven demand for the US dollar has been suppressed, and copper prices may be temporarily supported
.
Markets are watching the U.
S.
-China consultations
this week.
Shanghai copper entered a technical repair during the day, the 48,000 yuan / ton integer mark was supported, the 5-day moving average peaked, the repair strength was not as good as the external disk, the main reason is that the domestic economy is under great upward pressure, and the financing environment has not improved
.
The US dollar index fell back below 96.
5, and the offshore yuan temporarily held steady around
6.
8.
It is expected to maintain a wide range above the daily moving average in the short term
.
