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On Friday, the Shanghai copper main 1901 contract opened at the intraday high of 49420 yuan / ton in the morning, the bulls were forced to leave the market at the beginning of the session, and the bears entered with their positions, and the copper price fluctuated downward in a narrow range above the daily moving average, with a shock range of 49270 yuan / ton ~ 49420 yuan / ton, during which many times touched the daily moving average were strongly supported
.
In the afternoon, copper prices mostly supported the daily moving average, above it narrow range, at the end of the day, a large number of short positions entered, copper prices from 49310 yuan / ton a line slightly oscillated downward, closed at 49180 yuan / ton, down 270 yuan / ton, down 0.
55%.
In terms of external trading, during the Asian session, London copper opened at 6130 US dollars / ton, after the opening briefly tested the intraday high of 6133.
5 US dollars / ton was blocked to fall, the day was basically under pressure on the weak daily moving average, until the end of the Asian session, copper prices narrow range of only about 20 US dollars / ton, as investors are still worried about Sino-US trade issues and China's economic slowdown, and macro-level uncertainty makes investors stop and see
。 During the European and American sessions, the U.
S.
index rose upward, up to 96.
9, and the center of gravity of copper prices quickly fell back to the intraday low of $6056 / ton, touching the V-shaped reversal after touching the low, suspected to be caused by the decline of LME inventories for 5 consecutive days this week
.
As of 17:50, London copper was trading at $6082.
5/ton
.
In the market, the US dollar index closed higher overnight, London copper fell, Shanghai copper performance resisted the decline slowly, the monthly contract was under pressure of 49400 yuan / ton in a narrow range
.
The monthly price difference fluctuated at 80 yuan / ton in the early interval, and the holder maintained a stable quotation of 40 ~ 80 yuan / ton, but the transaction was difficult, the holder had a strong willingness to exchange cash, and had no choice but to take the initiative to lower the quotation, good copper was lowered to 60 ~ 70 yuan / ton, flat water copper was quoted to 30 ~ 40 yuan / ton, and the transaction improved slightly
。 In the second quarter of the trading stage, the price difference in the next month once widened to nearly 100 yuan, the holders of good copper intend to rise back to a premium of 80 yuan / ton, but the market refused to recognize it, the quotation can only remain unchanged at 30 ~ 70 yuan / ton, wet copper has a slight decline compared with yesterday, the quotation discount 70 ~ discount 40 yuan / ton, downstream factories because of the weekend bargain buying, but overall still based on rigid demand
.
Gradually approaching delivery, the price spread in the next month is stable, the premium is also stable and difficult to break through, the space for trade speculation is narrow, and short-term spot may be difficult to have bright spots
.
Overnight, the main force of Shanghai copper jumped low, laying the low level of the whole day, the main force of Shanghai copper closed five consecutive negatives, the center of gravity fell sharply around 49197 US dollars / ton, the low pierced the 60-day moving average and pointed to the lower Bollinger rail, KDJ tended to tighten its mouth, continue to pay attention to the short position increase, wait for external guidance, test whether the main force of Shanghai copper can consolidate at the current low
.
