-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
On Friday, the main 1705 contract of Shanghai copper opened at 46590 yuan / ton, the central bank's open market net withdrawal for the second consecutive week, the scale of 110 billion yuan, copper prices increased downward, slowly fell back to the daily average of 46470 yuan / ton to get support, and then due to the rebound led by London copper, bulls were encouraged to begin to pour, copper prices rebounded, closing at 46650 yuan / ton, down 320 yuan / ton
。 Shanghai copper first suppressed and then rose, the lower band of Bollinger Road was supported, the downside space is limited, based on the end of the LME inventory surge, London copper has rebounded, the later Shanghai copper relying on the 20-week line shock, bulls confidence returned, bears take profit exit, showing a technical counter-draw.
In terms of the external market, London copper opened at 5692.
5 US dollars / ton, after the opening copper price slightly higher, the short market entered, copper prices pulled back to the daily average of 5703 US dollars / ton repeated consolidation test, noon continued to test below the daily average of 5695 US dollars / ton running, in the afternoon, due to the sharp correction of the US dollar, and the Cerro Verde copper mine began to strike, copper prices benefited from the rebound to around 5722 US dollars / ton, Asian late SHFE released weekly inventories, This week's copper stocks increased by 12,859 tons to 326732 tons from last week, copper prices fell back to near the daily average to get support, then the LME announced that inventories decreased by 1,800 tons, the first drop in five days, the proportion of written warehouse receipts rose to 43%, copper prices rose sharply, touching 5747 US dollars / ton, high consolidation, as of 17:50, London copper reported 5740 US dollars / ton
.
Intraday London copper benefited from the rebound, pay attention to the US non-farm payrolls data, the expected data is good, consolidate the Fed interest rate hike expectations, the dollar rebound suppresses copper prices, but the 20-week line below London copper support is solid, and it is expected that the short-term will still be dominated by consolidation
.
On the macro front, ECB President Mario Draghi's hawkish remarks made the dollar volatile overnight, but did not affect the foundation of the dollar's strength, so the trend of non-ferrous metals such as copper and aluminum will continue to be suppressed
by the dollar.
Next, the market will await further guidance
from the evening non-farm payrolls.
After several days of decline, the space for nonferrous metals to continue to fall is relatively limited, the decline of Shanghai copper has narrowed, and the trend has stabilized
.
In terms of the market, the decline of Shanghai copper has not stopped, and the price spread has gradually narrowed in the next month, inhibiting the enthusiasm of speculators to operate, but the increase in downstream bargain buying has made the current copper maintain a stable premium level yesterday, and flat water copper is more favored, but the receiver has entered the market at a low price, and the market has a good bargain transaction, but the spot premium has limited room for
upside 。 In the afternoon session, the market rebounded, speculative enthusiasm declined, the market showed a weekend atmosphere, the holder took the initiative to expand the flat water copper discount, flat water copper newspaper discount 70 yuan / ton - discount 50 yuan / ton, good copper quotation held steady, premium copper newspaper discount 20 yuan / ton - premium 40 yuan / ton, the transaction price was 46140 yuan / ton - 46360 yuan / ton
.
On the whole, the week before the Fed's interest rate hike decision, the US dollar bullish expectations are strong, short-term suppression of copper prices, but the recent foreign copper mines are still in the stage of shutdown, so there is still a certain psychological boost
to copper prices in the short term.
