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The main contract of Shanghai copper opened lower at 41,390 yuan / ton on Thursday, and touched the lowest point of the day at 41,320 yuan / ton
at the open.
With the short closing operation, the copper price rose to 41490 yuan / ton
in the short term.
Subsequently, the short flat and long entry drove copper prices up for a short time, but the upward momentum was insufficient
.
Midday closed at 41480 yuan / ton
.
At the beginning of the afternoon, copper prices fluctuated slightly around the 41480 position, and the late long increase and short exit pushed copper prices all the way up to the highest point of the day of 41670 yuan / ton, and the copper price fell again near the close, closing at 41560 yuan / ton, down 30 yuan / ton, down 0.
07%.
Externally, Apanlon copper opened at $5101.
5 / ton, overnight U.
S.
retail sales data performed dismally, and crude oil prices fell below the $20 / barrel support, briefly below the 5100 mark after the opening to test the low of $5092 / ton
.
However, copper prices are still supported by the technical support of the 5-day moving average, coupled with the strong support of mine supply problems, copper prices quickly returned to the $5100 mark, and based on the daily moving average, the center of gravity moved up to around $5125 / ton, with a seismic amplitude of only about $10
.
After entering the European session, copper prices tried to rise again, reaching $5145 / ton, but continued to rise was also suppressed
by risk aversion.
As of 17:30, London copper closed at $5121.
5/ton, up $10, or 0.
20%.
In terms of the market, Shanghai copper continued to fall slightly to 41,600 yuan / ton under pressure
.
Morning market holders are strong in sublimation shipments, spot push up the quotation premium 180 ~ premium 200 yuan / ton, flat water copper in the premium 180 yuan / ton line after a short small transaction will fall at 170 yuan / ton, the transaction is acceptable, good copper transaction and no improvement adjustment to 180 ~ 190 yuan / ton; The downstream maintains rigid demand, and the wet copper is adjusted to 140 ~ 150 yuan / ton
.
The market is hesitant to buy under water, traders and downstream are cautious, but spot traders are still willing to hold the price premium
.
In the afternoon, the plate tried to rush up to 41700 yuan / ton after the first line fell back, the spot quotation remained unchanged, flat water copper reported a premium of 170-180 yuan / ton, good copper maintenance stable premium 180-190 yuan / ton, the transaction price to 41720-41880 yuan / ton
.
At the macro level, the deterioration of a series of economic data shows the seriousness of the economic damage caused by the epidemic, the process of restarting the economy in Europe and the United States has been twisted and turned, market risk appetite sentiment has been suppressed, investors have mostly withdrawn from risk assets, and copper prices have performed poorly
compared with the previous period.
The sharp drop in international oil prices also weighed on copper prices
.
From a fundamental point of view, the epidemic has limited global demand, and the continuous promotion of China's resumption of work and production coupled with the continuous disturbance of overseas copper supply has a certain supporting effect
on copper prices.
