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Last Friday morning Shanghai copper main 1810 contract opened at 48500 yuan / ton, the beginning of the session slowly down to 48320 yuan / ton, into the second trading session, short profits to reduce positions, copper prices up, bulls took advantage of the trend to enter the market, copper prices quickly rebounded, touched 48750 yuan / ton, still not broken through 49000 yuan / ton
.
In the afternoon, the short more exited, copper prices fell slightly, closing at 48510 yuan / ton, up 250 yuan / ton
.
In terms of external trading, London copper opened at 5969.
5 US dollars / ton, rose slightly at the beginning of the session and then fell, and briefly consolidated
along the 5975 US dollars / ton line.
At noon, copper prices fluctuated upward, touched a high of $6,029 / ton and then fell back, slowly downward, as of 18:00, London copper reported $6,023 / ton
.
Intraday copper rushed back down, focusing on the preliminary value of durable goods orders in the United States in July, Powell's speech at the central bank's annual meeting, is expected to continue to test the support capacity
of $6,000 / ton.
In terms of the market, the Shanghai copper range fluctuated at 48500 yuan in the first line, there were many shipments, and the morning market holders quoted a premium of 90~130 yuan / ton for the month, but due to the lack of response, they took the initiative to reduce the premium to 70~110 yuan / ton, but the market buying interest is low, and the price of good copper can be pressed to 100 yuan / ton
.
Recently, the concentration of imported copper has returned to a loose trend, and the market has also performed accordingly, the contract price of the month has declined, and the price difference between contracts has been reopened in recent days, gradually showing a pattern of near weakness and far strong, re-attracting some traders to enter the market to receive goods at a low price
.
The market range is volatile, the downstream is not eager to receive the goods, the enthusiasm for trading is declining, and the market initiative returns to the buyer
.
In the afternoon, the market continued to run along the 48,500 yuan / ton shock, and the holders were eager to ship, the speed of the rising water adjustment increased significantly, and the transaction was lighter
on the weekend afternoon.
In terms of news, Chinese and American officials ended two days of trade talks, but did not make a major breakthrough, investors were not affected much this time, and market sentiment gradually stabilized; Domestic consumption has not yet come out of the off-season, home appliances and automobile retail sales have declined month-on-month, copper prices may maintain a volatile trend
in the short term.
