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On Monday, the main 1804 contract of Shanghai copper opened at 51200 yuan / ton, the Spring Festival is imminent, after the opening of the center of gravity slowly moved up under the impetus of short position reduction, the late session rushed to 51900 / ton, from the 52000 yuan / ton integer mark across the line, but before the high festival bulls also began to reduce their positions, copper prices fell slightly, and finally closed at 51710 yuan / ton, down 90 yuan / ton
.
The US dollar index fell slightly during the day, and the Shanghai copper low stabilized and rebounded, still running below the moving average groups, and it is expected that it can attack the 52,000 yuan / ton mark again in the short term
.
In terms of external trading, London copper opened high at 6768 US dollars / ton in the morning, and after the opening, London copper gradually rose to 6874 US dollars / ton under the boost of the lower US dollar, and at the end of noon, the center of gravity began to move slightly down to 6850 US dollars / ton, still running above
the daily moving average.
Entering the European trading session, London copper once again attacked to a high of 6889 US dollars / ton, then fell back to the daily average below 6825 US dollars / ton, and then returned to the daily average of 6850 US dollars / ton
.
During the day, London copper stocks returned to the downward trend after two consecutive days of sharp increases, reducing by more than 2,000 tons
.
Copper prices rebounded at a low level, touched the 5-day moving average and then retreated, and the pressure on the upper moving average group was quite large
.
In terms of the market, Shanghai copper hovers at a low level, only a few trading days away from the Spring Festival, the market festive atmosphere is becoming increasingly strong, most companies have entered a state of holiday, and there are fewer
and fewer bidders 。 On the first day after the change of month, the market for the 1803 contract morning market quotation good copper discount around 100 yuan, flat water copper discount around 150 yuan / ton, the transaction is getting lighter and lighter, lack of interest, the second trading session, the holder took the initiative to lower the quotation, good copper discount 150 yuan / ton, flat water copper discount 180 yuan / ton, wet copper discount 400 yuan / ton, low price transaction is acceptable, downstream has basically holiday, traders only have the intention of large discount supply, the last trading day discount may still further expand
。 In the afternoon, only a few traders did the holiday before dumping, due to the calm market, the quotation continued to decrease, the afternoon rose about 200 yuan / ton, good copper finally reported to the discount 270-250 yuan / ton, flat water copper in the discount 300 yuan / ton, wet copper discount 500 yuan / ton, finally traded, flat water copper traded at 51150-51250 yuan / ton, good copper traded at 51200-51300 yuan / ton
.
As the atmosphere of the Spring Festival becomes stronger and stronger, many investors choose to withdraw their capital and leave the market, market trading is basically stagnant, and copper prices are difficult to improve in the short term, or still maintain a pullback trend
.
