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On Friday, the Shanghai copper 1905 contract opened at 49150 yuan / ton in the morning, followed by the rise in the external market after the opening, showing a shock upward rush, but the upward impulse energy is obviously insufficient, the center of gravity pulled down many times, after the upward test to 49280 yuan / ton, the disk gave up, and the center of gravity fell back to near
the daily moving average.
In the afternoon, the short entry, copper prices were quickly pulled down to around 49080 yuan / ton, after the shock sorted, the center of gravity at the end of the session was lowered again, testing down 49010 yuan / ton, closing at 49040 yuan / ton, down 350 yuan / ton, down 0.
71%.
In terms of external trading, during the Asian session, London copper opened at 6423.
5 US dollars / ton, after the opening narrow range of shock adjustment, copper price performance upward test higher, the center of gravity fluctuated around 6440 US dollars / ton before noon, tested 6446.
5 US dollars / ton, but failed to continue to maintain stability, and then the price fell rapidly, before the afternoon has spit out all the gains as soon as possible, although the afternoon failed to stop the decline, but the decline has eased, as of 15:40, London copper reported 6395.
5 US dollars / ton
.
In terms of the market, Shanghai copper hovered at 49,700 yuan / ton, and the center of gravity shifted
slightly lower than the previous day.
Although quotations continue to fall, brokers remain cautious and difficult to close
.
Downstream buying is scarce, wet copper discount continues to expand, and the quotation has slipped from 230 yuan / ton discount to 270 yuan ton of discount
.
The spread maintained a widening trend every other month, there were few active buying, and the holders took the initiative to reduce in order to seek transactions, the market short-term cash sentiment is strong, and the trend of discount changes before delivery may be guided
by changes in the spread structure.
In the afternoon, the quotation was basically stable, and it was difficult for the market to take over the buyers, but the willingness of the holders to continue to lower the quotation was weak, the market performance was deadlocked, and the low-discount source still had a small number of goods
.
On the macro level, the overall risk appetite of the domestic market has a greater impact on the price of Shanghai copper, while the continuation of US crude oil and LME copper prices has also brought certain pressure
on Shanghai copper.
Fundamentally, the current market demand for copper has not been fully released, downstream receiving is still more cautious, and the grid investment of refined copper consumption has not improved greatly, all of which have produced certain negative factors
for the current copper price.
However, with copper supply still tight, copper prices are expected to test the 49,000 support level again
.
In the short term, the main force of Shanghai copper may have a small probability of rebounding, but in the long run, the bearish factors of Shanghai copper in the later period are greater
.
It is recommended that the downstream just need to pick goods
.
