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Overnight, the main 1703 contract of Shanghai copper opened at 47110 yuan / ton
.
After the opening, the bulls immediately increased their positions sharply, Shanghai copper touched a high of 47810 yuan / ton, and some long profits flowed out at the end of the day, copper prices fell back near the daily moving average, closing at 47510 yuan / ton, up 520 yuan / ton, and the position increased 7048 hands to 227598 lots
.
Overnight Shanghai copper bulls have a strong atmosphere, black production capacity to drive the non-ferrous plate continued to rise, it is expected that today's Shanghai copper operating range of 47200~48000 yuan / ton
.
In terms of market: on January 12, Shanghai electrolytic copper spot traded at a discount of 60 yuan / ton - 60 yuan / ton for the monthly contract, and the trading price of flat water copper was 46600-46850 yuan / ton
.
The pace of speculators entering the market slowed down, the willingness of holders to hold prices weakened, and after entering the second trading period, they actively adjusted copper quotations to seek transactions, flat water copper took the lead in adjusting prices, and the whole line was discounted to expand shipments near noon, the market oversupply showed obvious signs, brands were diverse, and the downstream still failed to see the downstream obvious entry into the market, and the participation of traders gradually declined, and the transaction was weak.
Inventories: As of January 6, Shanghai copper stocks in the previous period reported 171561 tons, a weekly increase of 24,963 tons, a sharp climb for two consecutive weeks, and hit a new high since September 2 last year, indicating that short-term domestic inventory pressure has further increased
.
Overnight, the main force of Shanghai copper rose strongly to 47510 yuan / ton, oscillating above the moving average group, partly boosted by the decline of the US dollar index, increasing long chips
.
It is recommended that the Shanghai copper 1703 contract can be backed above 46,500 yuan to bargain for a long time, and the entry reference is around 46,900 yuan, with a target of 48,000 yuan / ton
.
