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On Monday, the main 08 contract of Shanghai copper opened at 47460 yuan / ton, and after the opening, the long position increased short-term and the copper price rose by 80 yuan / ton, but then the short position increased to suppress the copper price to 47410 yuan / ton
.
At this time, the copper price rebounded, climbing all the way to the highest point of the day of 47710 yuan / ton
.
At this high level, the bearish force entered the copper price turned to 47490 yuan / ton, and then the long and short forces stalemated, and the copper price center of gravity stabilized at 47560 yuan / ton until the afternoon close
.
In the afternoon, the market trend was weak, Shanghai copper fluctuated down, touched the intraday low of 47280 yuan / ton after a slight rebound, at this time the bears took profits superimposed on the entry of long funds, copper prices rose slightly, and finally closed at 47470 yuan / ton, up 280 yuan / ton, up 0.
59%.
The Shanghai copper shock fell during the day, mainly due to the cold
macro sentiment.
Guangdong copper inventories continued to decline over the weekend, and once again updated a new annual low, and the lowest level
in the same period in nearly four years.
Affected by this, intraday holders generally shipped at a high price, and in early trading, Pingshui copper was once reported at 370 yuan / ton, but downstream was afraid of heights and did not want to accept goods, merchants could only lower the premium shipment, and by 11 o'clock the mainstream market transaction price was 350/360 yuan / ton; The mainstream transaction price of good copper is 380 yuan / ton, and the mainstream transaction price of wet copper is 310/320 yuan / ton
.
Overall, the supply of Guangdong has been tight recently, and inventories have gradually declined, and it is expected that the premium will remain at a high level
.
However, the high premium water has generally led to low inventory downstream to maintain just need procurement, and some companies have even said that they will overhaul in advance to cope with the current high premium situation
.
