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The price of the Shanghai copper index fell sharply from the high of 52410 yuan at the beginning of the week, and was affected by the weakening of the US dollar index on Thursday, but the price continued to weaken sharply on Friday, falling to 49930 yuan after stabilizing and rebounding, and finally closed at 50330 yuan this week, down 940 yuan, or 1.
83%.
In the external market, the LME copper price opened slightly higher at $6623.
5 at the beginning of the March copper week and then came under pressure again, fell to around $6700 and rebounded sharply, and the price fell again to a low of $6623.
5 at the end of the week, down $207.
5, or 3.
01%
during the week.
In terms of news, the recent intensification of trade frictions, on March 22 Trump signed a trade memorandum with China, imposing tariffs on China's $50 billion of goods, the market once spread panic, last Friday the global stock market, commodity futures market most of the hit
hard.
Trade frictions will increase in 2018, which will put pressure on copper prices in stages, but a trade war is less
likely.
After expecting the market panic to subside, copper prices may usher in a rebound
.
In terms of the market, the main trading range of copper prices this week is about 49680-50920 yuan / ton, and the overall premium range is C360-C130 yuan / ton, this week's market demand is still not improving, consumer demand has improved after Tuesday's price stabilized, but since then copper prices have fluctuated widely, and the market has fallen into a wait-and-see stalemate
.
Friday's sharp drop in copper prices made the market wait-and-see sentiment heavier, and it was difficult to boost the willingness to receive goods, but the holders had a higher price, the premium was relatively stable, and the overall trading situation was average
.
On Friday morning, the Sino-US trade war officially started, panic spread in the international financial market, and many varieties of domestic commodities fell to the limit, dragging copper prices to weaken sharply and face the risk of
breaking.
In the short term, the copper market lacks directional guidance, and it is expected to continue to maintain a wide range of volatility in the short term
.
From a technical point of view, on the week k, KDJ dead cross, MACD dead cross, the price fell below the 60-week line, and the bullish trend turned around; On the day K, the Shanghai copper index MACD and KDJ double dead cross, the price once fell below 50,000 yuan support, short-term stabilization or maintain shock operation
.
