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On Wednesday, the main 1708 month contract of Shanghai copper fluctuated in a narrow range, after the opening it fell to 47,000 yuan, and then rebounded to the intraday high of 47,200 yuan under pressure, and copper prices fell back in the afternoon, closing at 47,040 yuan, down 80 yuan, or -0.
17%, and the index position decreased by 1,356 lots to 609,000 lots
.
In terms of the external market, LME copper opened in a narrow range in March, the price fell slightly to $5877, then pulled up from the low, rushed to $5909 under pressure, the price rebounded slightly in the afternoon, but continued to fall before the Asian market closed, and the final price closed at $5885, down $2.
5, or -0.
04%.
In terms of the market, the market trading in the mainstream trading session in the morning continued to remain general, in the case of tight spot resources, the holders reported premium shipments, but the enthusiasm of quotations was more general, under the premise that the capital was still tight and the overall consumption was still weak, the downstream lacked the willingness to chase higher, the copper price rushed back down in the afternoon, traders raised the price and sold mentality gradually appeared, and the market was not
good.
In terms of news, Chilean miner Antofagasta faced the threat of strike on Tuesday from its two copper mines, which have an annual output of 160,000 tons, and the current expectation of a decline in copper supply supports copper prices, but the black trend of the day is huge, making the market bulls profit taking mentality gradually appeared, and you need to beware of the risk
of copper prices falling in the later stage.
From the perspective of the futures plate, Shanghai copper intraday rushed back down, MACD gold cross is still the same, KDJ high dead cross, the price is currently stable on the half-year line and the integer mark, but the rebound is blocked by the 5-day moving average, it is expected that the short term may continue to fluctuate around the half-year line, continue to pay attention to downstream procurement
.
