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On Wednesday, the Shanghai copper 09 contract opened at 52520 yuan / ton in the morning, and after the opening, the long position increased short-term to pull up the copper price, exploring the intraday high of 52700 yuan / ton, but then the short increase to suppress copper prices, with the long position reduction continued to fall to 52260 yuan / ton
.
At this time, the copper price rebounded, and the center of gravity fluctuated around the 52430 yuan / ton position until the noon close
.
At the opening of the afternoon, bulls entered the market to pull up the copper price to 52610 yuan / ton, but the upward momentum was insufficient, and the market fluctuated and fell
.
At the end of the day, the bulls took profits and left the market, and the market quickly declined, closing at the lowest point of the day of 52120 yuan / ton, down 260 yuan / ton, down 0.
50%.
In the external market, Apanlon copper opened high at 6540 US dollars / ton, and then adjusted around the daily moving average, during which the intraday high of 6550 US dollars / ton
was tested.
However, the high led the bulls to profit and leave the market, and London copper quickly fell below the daily moving average to barely hold the $6500 mark, and then sorted out
around the $6505/ton line.
In the afternoon session, bulls entered, and London copper rose sharply by about $30 / ton, but the lack of upward momentum fell again
.
Entering the European session, London copper continued to fall to a minimum of 6469.
5 US dollars / ton
.
As of 17:00, London copper closed at 6489 US dollars / ton, down 11 US dollars / ton, down 0.
17%.
The decline of copper in the day was mainly due to the continuous fermentation of the epidemic abroad and the increasing tension between China and the United States, which continued to cause investor worries and was difficult to support the continued upward trend of copper prices
.
Shanghai copper continued to consolidate at a high level, rising slightly to around 52400 yuan / ton, an increase of about
300 yuan / ton.
The day is the last trading day of the 07 contract, and the price difference between the current month and the next month fluctuates sharply, and the morning market price difference is still fluctuating
in the range of 40~70 yuan / ton.
Intraday is the last 2007 contract trading day, the market price spread is positive and widening, spot is also temporarily showing an overall premium situation, but copper prices are still high, the supply of goods is still loose, the transaction is difficult to improve significantly, after the change of month, it may still only maintain a slight premium pattern, the situation of supply and demand tug-of-war will continue
.
In the afternoon, the plate first rose and then declined, the spot premium rose slightly, especially good copper, because of the limited supply of options, so the good copper lift water lift more to 40-50 yuan / ton, flat water copper is limited, the premium 10-20 yuan / ton, the transaction price still hovers at 52370-52580 yuan / ton
.
Shanghai copper volatility fell during the day, mainly due to the cold
macro sentiment.
At present, the number of confirmed cases of the new crown epidemic in the world continues to rise to nearly 13.
5 million, and the escalating new crown epidemic crisis has once again clouded the prospects of economic recovery; In addition, Sino-US relations are becoming increasingly tense, Trump publicly "persuaded" the European Union to boycott Huawei on the grounds of trade policy, and with the escalating suppression of the United States, the British government issued a decision to stop buying new Huawei equipment and dismantle used Huawei equipment
by 2027.
In this situation, risk aversion in the market has re-accumulated, and copper prices have come under pressure to fall
.
Waiting for external guidance, test Shanghai copper rose again to recover losses
.
