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On Monday, copper prices opened in the morning to make up for the rise, Shanghai copper main 1805 month contract sharply rushed up 52560 yuan after the pullback, rebounded to 52300 yuan in the afternoon and then came under pressure again, closed below 52000 yuan, closed at 51960 yuan, up 420 yuan, or 0.
81%.
Index holdings increased by 3,796 contracts to 878,000
.
In the external market, LME copper opened high and low in March, opened slightly higher at $6992 after coming under pressure, and once rebounded to above $6958 in the afternoon, and then fell again to $6912, closing at $6912, down $41, or 0.
59%.
In terms of the market, the spot copper price of Shanghai Nonferrous Metals Trading Center (SME) was reported at 51440-51580 yuan / ton, up 480 yuan / ton from the previous trading day, intraday spot discount reported to C120-B20 yuan / ton, close to delivery liter discount narrowed, good copper rose to premium, market shipments slightly increased, but middlemen continued to wait and see, downstream demand returned to normal levels, the overall market trading is general
.
In terms of copper scrap, the trend of copper prices after the holiday continued to be weak, after nearly two weeks of continuous shock correction, copper prices have been at a low price, in the expectation of copper market demand in March, downstream copper manufacturers are interested in bottoming out replenishment
.
Coinciding with the rebound of copper prices at a low level, the intraday market inquiry buying atmosphere improved significantly
.
It is worth noting that due to environmental factors, the supply of recycled copper continues to be tight, holders maintain a large premium quotation, the price difference with electrolytic copper narrows to the extreme, and some high-quality scrap copper that is difficult to replenish is even higher than electrolytic copper, making it difficult for copper rod factories to accept, and have turned to electrolytic copper procurement
.
Therefore, the demand for electrolytic copper has increased
significantly in the near future.
In terms of news, the atmosphere of the global trade war overnight on Friday eased, causing the US and European stock markets to rise sharply, the non-ferrous metal market generally rebounded at night, not too early commodity market bearish sentiment continued to vent, black decline, dragged copper prices back down after rushing higher, the future with the arrival of the downstream peak season, copper demand will continue to be active, inventory pressure will gradually decrease, in the short term copper prices or maintain a wide range of shock operation
.
From the perspective of futures, the main MACD dead cross and KDJ dead cross of Shanghai copper were temporarily supported by 52,000 yuan, and the short-term price may be repeated
.
