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On Thursday, the Shanghai copper 1701 contract opened at 43910 yuan / ton, after the opening of the long and short positions have been closed one after another, copper prices around 43800 yuan / ton a line of consolidation, with the collective decline of surrounding metals, Shanghai copper bulls have closed positions to temporarily avoid the edge, copper prices short-term low to 43410 yuan / ton, low to stimulate short profit outflow, copper prices low back to around 43850 yuan / ton, the end with the black diving long position closed, copper prices slowly declined, closed at 43670 yuan / ton, minus 910 yuan / ton, down 2.
04%
。 The center of gravity of Shanghai copper shifted down again during the day, and the recent sharp drop in black made the market sentiment cautious, and Shanghai copper bulls mainly closed positions to avoid risk, and bears disappeared
.
According to people familiar with the matter, the futures exchange will discuss suspending the night trading of black commodities, which may further cause market panic, and further pullbacks are inevitable, or run
towards the 10-day moving average.
In terms of the external market, London copper opened at 5433 US dollars / ton, Asian session London copper around the daily moving average of 5425 US dollars / ton consolidation, with the big fall of the surrounding metals, bulls have closed their positions to avoid safety, copper prices fell instantly, probing down to 5381.
5 US dollars / ton, after gaining support at the 10-day moving average, returning to the daily moving average nearby, during the European session, the US index suddenly fell to 100.
01, stimulating a Bolun copper short outflow, Lun copper soared, touched to 5488.
5 US dollars / ton, as of 17:0 0, London copper reported 5477 US dollars / ton
.
Overall, intraday copper first fell and then rose, and the 10-day moving average showed support
.
On the macro front, the dollar index weakened slightly after hitting a maximum of 100.
57 on Wednesday, and the market is now expecting a Fed rate hike in December as high as 94%, and the dollar index is moving near key resistance levels, and its trend is currently the focus of
attention.
On Thursday evening, Fed Chair Janet Yellen will testify on the economic outlook in the Joint Economic Committee of Congress, and the European Central Bank will publish the minutes of its monetary policy meeting, focusing on its impact
on markets.
In addition, OPEC will convene an informal meeting of member states in Doha, Qatar, on Friday to reach consensus
on the Algiers agreement in September.
At present, there are still many uncertainties about the final implementation of the original frozen production, and attention is paid to its driving effect
on copper prices.
In terms of the market, Shanghai copper continued to pullback, the willingness of holders to exchange cash continues, now copper discount quotation and all the way expanded, morning traders receive goods to maintain value, or exchange long orders, once the transaction is acceptable, the second trading session, copper first rose and then suppressed, especially at the end of the noon market, Shanghai copper fell rapidly by nearly 300 yuan / ton, the supply of early hedgers gushed out, the copper discount quickly expanded to discount 100 yuan / ton - discount 70 yuan / ton, speculators avoid risk to reduce market operations, downstream demand-based, supply pressure is still large, During the correction period of copper prices, market spot risks still exist, and most of them are pessimistic about
the future market discount.
In the afternoon session, the plate was close to sideways, and the holders expanded the discount to seek the transaction, the good copper discount slipped to the discount of 100 yuan / ton - discount 70 yuan / ton, flat water copper discount to discount 120 yuan / ton - discount 100 yuan / ton, some traders entered the market to charge a low price of good copper sources, but good copper discount more than 100 yuan / ton is difficult to maintain long-term.
Overall, copper prices have continued to perform strongly since late October, but more driven by market sentiment and funds, copper market fundamentals can not effectively promote copper prices, considering the recent market uncertainty, it is recommended to operate
cautiously.
