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Overnight, the Shanghai copper 1702 contract opened at 45910 yuan / ton
.
After the opening, bears continued to pour into the market, the copper price at the beginning of the session near the daily moving average consolidated to touch the high of 45980 yuan / ton after the center of gravity gradually declined, the end of the day part of the long position closed out of the market, tested down 45200 yuan / ton, Shanghai copper closed at 45280 yuan / ton, down 760 yuan / ton, the trading volume decreased 80602 hands to 103286 lots, and the position increased 4102 hands to 197738 lots
.
Overnight bears took advantage of the trend to increase their positions, the center of gravity of Shanghai copper moved down significantly, and the 10-day moving average below was still supported, and it is expected that today's operating range is 45150~46000 yuan / ton
.
In terms of market: on December 30, Shanghai electrolytic copper spot traded at a discount of 250 yuan / ton - 160 yuan / ton for the monthly contract, and the transaction price of flat water copper was 44900-45000 yuan / ton
.
In the last trading day of 2016, it was difficult to see large-scale trading in the copper market
.
Since the downstream replenishment behavior has been completed in the middle of the week, the market demand has basically stagnated
.
A small number of supplies leads to a large price difference, attracting a small number of speculators to buy extremely low-priced goods
due to replenishment.
In terms of inventory: As of December 30, the previous Shanghai copper inventory was reported at 146598 tons, an increase of 12,221 tons per week, indicating that the short-term domestic inventory pressure has increased
.
Before the New Year's Day holiday, the Shanghai copper oscillation fell slightly to 45,500 yuan / ton, and the London copper oscillation stabilized after the close, but it was not conducive to the rebound
in copper prices as China's official manufacturing PMI performance in December was lower than expected, or suppressed market expectations for China's copper demand outlook.
It is recommended that the Shanghai copper 1703 contract can sell high and low between 44800-46000 yuan / ton, and the stop loss is 500 yuan / ton
each.
