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On Monday, the main 1901 morning market of Shanghai copper opened at 49700 yuan / ton, the copper price at the beginning of the session was narrowly sorted out around 49708 yuan / ton, the bulls left the market, copper prices fell slightly to 49650 yuan / ton, London copper strengthened, Shanghai copper was boosted by this shock upward to the intraday high of 49920 yuan / ton blocked, bulls left the market at a high level, during which there were occasional bears entering, copper prices fluctuated all the way down to around 49652 yuan / ton, during which it was mostly located above
the daily moving average 。 In the afternoon, copper prices back to the daily moving average to be strongly supported, during the period slightly down the low of the day of 49600 yuan / ton, the end of the day under the leadership of Lun copper into the short flat, copper prices recovered part of the intraday decline, slightly oscillated upward, closed at 49780 yuan / ton, up 200 yuan / ton, up 0.
4%.
In terms of external trading, London copper showed a V-shaped shock trend
.
During the Asian session, London copper opened at 6235 US dollars / ton, after the opening due to the impact of the Fed's dovish comments last week, the US index fell back to 96.
38, boosting copper prices upward, short-term high 6245 US dollars / ton after the shock fall, under pressure on the daily moving average, noon until the end of the Asian session, copper prices slightly hovered at 6200 US dollars / ton, volatility of less than 10 US dollars / ton
.
At the end of the Asian session, the U.
S.
index fluctuated and fell, bulls entered with their positions, and copper prices rose again, touching $6257 / ton
.
As of 17:00, London copper was trading at $6256.
5/ton
.
In terms of the market, Shanghai copper maintained a recovery trend, and copper prices fluctuated
along the line of 49,600 yuan / ton.
Holders continued last Friday's very good copper premium willingness, flat water copper followed the trend, morning market quotation premium 50 ~ 110 yuan / ton, futures and cash together, market buying performance cautious, flat water copper holders took the lead in giving up the price, there was a competitive price reduction trend, flat water copper adjusted to 40 yuan / ton, still weak transaction
.
The market is rising, spot consumption is weak, high premiums have inhibited market transactions, traders have slightly peaked, the price difference between brands is difficult to narrow in the short term, and transaction differentiation will further increase
.
In the afternoon, the market inquiry did not show a positive trend in the morning, the holders were strong and good copper premium, the price of the plate fell slightly, the quotation of flat water copper premium rose and rose, and the supply and demand in the spot market were light
.
On the industry front, an official at India's Vedanta Ltd said it was already selling copper concentrate stocks
at the Sterlite refinery on the spot market.
The refinery was forced to shut down earlier
this year due to pollution concerns.
Company officials said it was processing 70,000 tonnes
of copper concentrate that had not been used since it ceased operations.
Vedanta denied that the Sterlite refinery caused local contamination
.
The refinery is India's second largest copper smelter and is located in the port city of Ding hoothukudi
.
The refinery closure affected the Asian copper market
.
But traders expect refineries to reopen in 2019, and selling inventory may be due to the company's desire to raise cash and whitewash its books before the end of the year, not because it doesn't plan to reopen the refinery
.
During the day, the main force of Shanghai copper closed three consecutive Yang, the center of gravity once again lifted up and wound the Bollinger middle rail, the MACD green energy column narrowed, the KDJ opening expanded, waiting for the guidance of the external disk, continue to pay attention to the short exit, to test whether the main force of Shanghai copper can effectively stand above the Bollinger middle rail 49650 yuan / ton
.
