echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Copper prices stop falling and rebound waiting for a directional breakout

    Copper prices stop falling and rebound waiting for a directional breakout

    • Last Update: 2022-12-05
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Thursday, the main 1707 contract of Shanghai copper opened at 44810 yuan / ton, after the opening of Shanghai copper slightly lower to 44680 yuan / ton, and then boosted by the news of Cerro Colorador miners' proposed strike, copper prices in the short position closed the impetus, stop falling and rebound above the daily average, rise to 45,000 yuan / ton integer mark near the slight pullback, back to the daily average to get support, with the collective rise of A shares and commodities, Shanghai copper bulls have increased their positions in, short positions closed out, Copper prices rose unilaterally to 45,330 yuan / ton, closing at 45,270 yuan / ton at the Yang line, up 320 yuan / ton
    .

    Copper prices

    In terms of external trading, London copper opened at 5509.
    5 US dollars / ton, after the opening of London copper first tested as low as 5491.
    5 US dollars / ton, from the low level to above the daily moving average, relying on the daily average oscillated at 5519 US dollars / ton, in the afternoon, the People's Bank of China on the medium-term lending facility (MLF) operation inquiry, will launch MLF operation, boosted by this, commodities collectively rebounded, London copper rose rapidly, broke through the 5-day moving average, all the way to 5627.
    5 US dollars / ton, and then under the pressure of the 10-day moving average pullback, As of 17:07, London copper was trading at $5611.
    5/mt
    .
    Intraday copper rebounded sharply, the expectation of tight liquidity temporarily eased, but did not break through the original range, pay attention to the Bank of England's interest rate decision, and the US April PPI month-on-month data and pay attention to the effective breakthrough
    of the 10-day moving average.

    On the macro front, in the United States, the US non-farm payrolls data exceeded market expectations, the performance was good, the relevant officials of the Federal Reserve said that the pace of interest rate hikes remains unchanged, and there are still two interest rate hike opportunities this year, supporting the rebound
    of the dollar market.
    China's first quarter economic operation data performed well, private investment maintained a recovery trend, but the PMI released slightly fell from the previous month, from the perspective of monetary policy, the recent tight expectations continue.

    In terms of the market, the Shanghai copper flat consolidation, the current copper market is still deadlocked, the holders quote very early in the morning, the supply is abundant all day, the price is difficult, the physical consumption is still difficult to improve, the inquiry atmosphere is also weakened, speculators lack space speculative operations are rare, mostly short-term flat and fast trading, the trading volume is significantly reduced, and the activity has dropped
    significantly 。 In the afternoon session, the market rose above 45,000 yuan / ton, the willingness of holders to exchange cash increased, the spot premium was loose, but the market was cautious and the lack of interest, the quotation of flat water copper reported a premium of 20 yuan / ton - 30 yuan / ton, good copper around the premium of about 50 yuan / ton, the transaction price increased to 44880-45050 yuan / ton
    .

    In terms of the industry, according to the recent monthly report released by the International Copper Research Group (ICSG), the global refined copper supply was 51,000 tons in January 2017, compared with 44,000 tons
    in the same period last year.
    Chile produced 378,000 tonnes of copper in March, down 23.
    1% from a year earlier, according to data released by the Chilean government, as production fell
    due to the world's largest copper mine strike earlier.
    In terms of copper inventories, LME inventories have declined in recent days after a recent surge in stocks, while comex inventories have continued to decline
    .

    Shanghai copper rebounded within the day, early short orders pay attention to take profit and exit the market, 45000 line can be light long position, pay attention to set a stop loss
    .
    Overall, copper prices are still in a narrow range of shocks, waiting to find a directional breakthrough, and it is expected that the main fluctuation of Shanghai copper is 44500-45300 yuan
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.