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On Thursday morning, the main 1906 contract of Shanghai copper opened at 49240 yuan / ton, and after opening in a narrow range around 49220 yuan / ton, it began to rise driven by the external disk, and it tested 49350 yuan / ton before noon, and then the copper price remained stable in a narrow range of high volatility, and slowly pulled back
.
In the afternoon, the bears took the initiative to increase their positions, copper prices were close to a straight decline, short-term low 49090 yuan / ton, the end of the session basically maintained stability at 49150 yuan / ton line, closed at 49180 yuan / ton, up 200 yuan / ton, up 0.
41%.
In terms of the external market, the Asian market, London copper opened at 6438 US dollars / ton in the morning, after the opening of the center of gravity basic performance under pressure daily moving average, during the short-term high breakthrough, but failed to stand firm, then, because the dollar has relaxed and weakened, copper prices took the opportunity to rise, before noon to test 6454.
5 US dollars / ton, as bears took the opportunity to enter the market, copper prices quickly fell from the high, the end of the Asian session has fallen below
the daily moving average 。 Entering the European market, copper prices are still under pressure daily moving average shock, during which many attempts to break upward, but then announced that LME copper stocks increased by 8675 tons to 195,000 tons, London copper plummeted, testing down 6405.
5 US dollars / ton, as of 17:00, London copper reported 6415 US dollars / ton
.
In the market, due to the implementation of the medium-term lending facility (TMLF) operation by the People's Bank of China for the second time this year, market confidence was boosted, non-ferrous metals turned red, and Shanghai copper rose to 49,300 yuan / ton within the day
.
However, the market is abundant, the willingness of the holders to ship for cash is strong, since the morning market's good copper premium 60 ~ 70 yuan / ton line quickly dropped to about 40 yuan / ton, flat water copper holders in order to strive for the transaction is from a discount of 20 actively and quickly reduced to a discount of 50 yuan / ton, wet copper discount around 100 yuan, the transaction has improved slightly
.
Although the market inquiry has always been enthusiastic, but the transaction is difficult to see warmth in the competition to reduce prices, the downstream continues to have a small amount of rigid demand, cautious into the market, traders are not optimistic about the recent market and spot, before May Day rising discount will become a trend, speculation before the holiday has no willingness to
receive goods.
In the afternoon, the market continued to be light, based on the expectation that the spot discount would continue to expand, holders were eager to ship for cash, and continued to lower their quotations
.
During the day, the main force of Shanghai copper closed the Yang entity to recover the 60-day moving average, but it was still under pressure on the Bollinger mid-band, and the MACD indicator double line was still in a downward trend
.
Wait for the guidance of the external market to test whether the main force of Shanghai copper can hold the position
of 49,000 yuan / ton.
