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Overnight, the main 1704 contract of Shanghai copper opened at 48600 yuan / ton
.
At the beginning of the session, Shanghai copper jumped slightly above the daily moving average, touching a high of 48930 yuan / ton, and then with the plunge of crude oil, Shanghai copper bulls reduced their positions, copper prices fell to 48170 yuan / ton, and some short positions were closed at the end of the day, copper prices returned to the daily moving average position, closing at 48620 yuan / ton, down 350 yuan / ton, the trading volume decreased by 181,000 lots to 195434 lots, and the position increased by 14 lots to 228926 lots
.
Overnight Shanghai copper trend tangled, close a doji line, the bottom 10-day moving average support is strong, is expected to operate in today's range of 48250~48800 yuan / ton
.
Yesterday, London copper opened high at $6051.
5/ton
.
During the Asian session, London copper easily stood on the 5-day moving average, fluctuating in a narrow range around the daily moving average, and after recording a high of 6098 US dollars / ton in the afternoon, the long position was closed, and the copper price fell to 6010 US dollars / ton; During the European session, with the production of Indonesia's Grasberg copper mine suspended, the president of the labor union said that he planned to hold a demonstration on Friday, and supply concerns revived from the low level, and fell under pressure to the daily moving average, and after consolidating at $6020 / ton, followed the oil price plunge to a low of $5957 / ton, closing at $5990 / ton, down $63 / ton
.
Overnight London copper stepped down, the copper price rise effect caused by the copper mine strike is gradually dissipating, bulls gradually profit to close their positions, copper market capital exodus is more obvious, but Chilean labor unions said that it is unlikely to restart negotiations before Saturday, or slow down the pace of this copper price correction, and is expected to run at 5950~6030 US dollars / ton
today.
