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On Friday, the Shanghai copper 1609 contract opened at 38370 yuan / ton
.
After the opening, the bulls reduced their positions, the copper price shock fell back to 38230 yuan / ton, and then supported by China's slightly more than expected GDP, credit data, etc.
, the bulls were encouraged to increase their positions sharply into the market, Shanghai copper returned to a low level, high touched 38550 yuan / ton, and then the long and short left the market one after another, copper prices around the daily average of 38430 yuan / ton around the shock consolidation, the end of the day with the US index fall, bulls increased positions Shanghai copper again rose, at 38500 yuan / ton to close at the doji, up 30 yuan / ton
.
In terms of external trading, London copper opened at 4934 US dollars / ton, during the Asian session, London copper extended the daily average to decline, tested as low as 4920 US dollars / ton, and then by China's second quarter GDP and currency release data are better than expected, copper prices rose to 4960 US dollars / ton at a low level, there was a shock fall, fell below the daily average and rebounded strongly; Entering the European session, as the US index fell to 95.
91, bulls rushed into the market, copper prices accelerated, climbing 4988.
5 US dollars, as of 18:00, London copper was reported at 4981.
5 US dollars / ton
.
In terms of the market, the Shanghai period copper fluctuated at a high level, and the current copper premium expanded slightly, but it showed stability
.
The opening plate oscillated and fell, good copper newspaper discount 30 yuan / ton, flat water copper discount 60 yuan / ton, at this time, in addition to speculators bargaining to buy cost-effective, larger discount sources, downstream and traders rarely take goods, wait and wait for the plate to stabilize
.
At 10 o'clock, after China's second quarter data came out, the plate rose sharply by 200 yuan / ton, and the downstream began to buy goods on demand, and the market with better quality flat water copper and wet copper was quickly digested, and the poor quality flat water copper and wet copper left behind was not cared for despite the expansion of the discount
.
Affected by this, the quotation of good copper has also been extended to a discount of about
40 yuan / ton.
In addition, because the 07 contract is about to be delivered, some traders with little capital pressure actively choose not to hold the goods, waiting for the premium to rise
after delivery.
On Friday, the Shanghai copper plate was still long and short, the trading volume shrank, and the closing high shrinking doji, but the current bulls have a strong willingness to hold the price, and the bears are fearful
.
From the current point of view, the dollar has retreated after a weak upward rush during the week, and there are still analysts that China will ease monetary policy, which continues to support copper prices, and it is expected that there is still room for the market to rise
.
