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On Monday, the price of the main 1709 month contract of Shanghai copper once fluctuated to 47,040 yuan after the opening, and after the high was narrowly sorted, the copper price suddenly plunged in the afternoon, once falling to 46,730 yuan, and closed at 46,770 yuan, down 150 yuan, or -0.
32%, and the index position decreased by 9,354 lots to 589,000 lots
.
In terms of external trading, LME copper opened slightly higher in March, and then the price fluctuated slightly lower, after which the price once pulled up, rising to a maximum of $5853.
5, and fluctuated at a high level, and the price suddenly plunged in the afternoon, all the way down the shock, and finally the price closed at $5822, down $9, or -0.
15%.
In terms of the market, the market trading in the morning mainstream trading session is general, the rise in copper futures has led to a slight rise in spot copper prices, although the holders actively quote, but helplessly the market import source increases, the holder of the day to support the price is weak, the copper discount continues to loosen, wet copper fell to the discount state, this week into the delivery week, downstream cautious wait-and-see, insufficient willingness to receive goods, poor transactions
.
Among them, good copper B30-B20 yuan / ton, flat water copper 0-B10 yuan / ton, wet copper C50-C40 yuan / ton
.
On the news front, Shanghai copper inventories showed an increase of more than 6,000 tonnes last week, while LME copper inventories rose nearly 25% in a week, putting pressure
on the copper market at the beginning of the week.
In addition, the London copper spot discount has remained around $25, indicating that the current overall spot copper market sales are not ideal, coupled with last week's US non-farm payrolls data showed a better-than-expected turnaround in employment, and the strength of the dollar also put non-ferrous metals under relative pressure
.
From the futures plate, Shanghai copper rush high is blocked in the half-year line, MACD dead cross, KDJ dead cross running to a low level, the price continues to be supported near the 20-day moving average, it is expected that short-term copper prices will remain weak at a low level, continue to pay attention to downstream procurement
.
