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On Thursday, the main 1710 contract of Shanghai copper opened at 51370 yuan / ton, after the opening copper price a wave of slight surge to 51670 yuan / ton, then the center of gravity fell back to 51320 yuan / ton around a narrow range of consolidation, in the afternoon, as some bulls took profits, copper prices fell slightly back below the daily moving average, at the 10-day line to get support, and then the center of gravity of copper prices slowly moved up, closing at 51470 yuan / ton, up 1380 yuan / ton, an increase of 2.
76%.
。 During the day, domestic commodities rose widely, non-ferrous metals rose across the board, Shanghai zinc, Shanghai lead rose strongly, market bullish sentiment was ignited, it is expected that Shanghai copper will continue to follow other metals in the short term
.
In terms of external trading, London copper opened at 6534.
5 US dollars / ton, at the beginning of the session, London copper rose slightly, and then quickly rushed to 6580 US dollars / ton and then fell under pressure, around 6546 US dollars / ton shock operation, into the European session, the US dollar all the way up and rising, rising to 93.
8, London copper under pressure pullback, back to 6500 US dollars / ton
.
As of 17:15, London copper was trading at $6508/mt
.
During the day, London copper rushed back down, showing a certain pressure above 6500 US dollars / ton, short-term or high finishing trend
.
In terms of the market, the overall consumption of the current market is still stronger than expected, the off-season is still obvious, but the downstream fear of high procurement demand is weak, with the copper price again pulled, the willingness of holders to hold up the price shipment continues to weaken, because downstream copper manufacturers are generally afraid of heights, for the current high price recognition is reduced, the phenomenon of price pressure is more, intraday Guangdong electrolytic copper transaction discount maintenance, because the expected later supply will be tightened, downstream users generally favor low-priced sources, bargain absorption operations are obvious, but the continuous high price inhibits downstream procurement enthusiasm, the overall transaction is general
。 In the scrap copper market, as the news of the ban on scrap copper imports continues to ferment, the market expects the supply to be tighter, and the holders hold the goods at high prices to ship, because the source of futures is gradually less, and the price of more performance is slightly reluctant to sell, the price difference of waste electricity continues to expand, and the downstream demand is slightly improved, but the environmental protection supervision continues, and the downstream is generally cautious
in receiving goods.
In terms of news, the minutes of the Fed meeting show that there are major differences in interest rate hikes this year, the US dollar index fell in response, the domestic environmental protection rectification, heating season production restrictions and other policies implemented, domestic base metals closed up across the board, long funds speculation enthusiasm, in addition, Zambia some copper mine shutdown speculation to promote copper prices continue to strengthen, technical point of view copper prices continue to make new signs of highs, in the short term pay attention to whether the market long funds can continue, it is expected that Shanghai copper in the range of 51000-51500 yuan high oscillation
。
