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On Friday morning, the main 1706 contract of Shanghai copper opened at 46280 yuan / ton
.
At the beginning of the session, it touched a high near the moving average to 46340 yuan / ton, and then encountered pressure from short positions to increase positions, Shanghai copper pierced the lower rail downward, and the low level of 45820 yuan / ton attracted long positions to increase positions, Shanghai copper fluctuated in a narrow range at 45940 yuan / ton, twice in the afternoon to test the daily moving average blocked, the end of the day close to the daily average tends to stabilize, closing at 46110 yuan / ton, up 70 yuan / ton, the volume decreased by 196,000 hands to 315686 lots, and the position increased by 9176 hands to 238902 lots
。 Intraday Shanghai copper long and short competition is obvious, lack of external guidance, Shanghai copper performance in the lower band is not stable, intraday closing doji line, is expected to continue to consolidate at the lower track in the short term, seeking counterattack opportunities
.
On the external side, on Friday, the LME was closed for "Easter" in the UK
.
Markets
will resume next Monday.
On the macro front, the geopolitical situation is tense this week, the United States and Russia have not fully reached a consensus on the Syrian issue, and the US military launched a military strike on Afghanistan later in the week, and whether the geopolitical escalation still needs to be closely monitored
.
Domestic macro data performance is mixed, the national railway cargo volume in March increased sharply year-on-year, the domestic CPI was less than expected and the PPI showed an inflection point, foreign trade data showed that the domestic trade situation improved, and there were still some doubts
about whether the recovery of the domestic economy could continue.
In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 10 yuan / ton - 70 yuan / ton, flat water copper trading price of 45740 yuan / ton - 45940 yuan / ton, and premium copper trading price of 45760 yuan / ton - 45980 yuan / ton
。 Lack of external guidance, short-term speculative funds make Shanghai copper volatility, the current month contract is close to the last trading day, some sources of the market appeared to the next month quotation discount of 100 yuan - discount 50 yuan / ton, the next month basis maintained at more than 100 yuan / ton, now copper to the current month premium following the basis was slightly pushed, the morning market some speculators into the market to absorb low-priced sources, in the near noon after the rise in profit shipments, downstream demand on the basis of low level of goods slightly increased, market trading enthusiasm slightly improved
compared with yesterday 。 In the afternoon, Shanghai copper first suppressed and then rose, did not get rid of the morning operating range, the next month price difference once expanded to 130-140 yuan / ton, spot quotations further firm, wet copper has quotation flat water, flat water copper premium 30-40 yuan / ton, good copper quotation firm at 70-80 yuan / ton, although the market has not responded, but the transaction price has risen, good copper has returned to 46,000 yuan / ton
.
Overall, the worries caused by supply disruptions have gradually dissipated, and although it is in the peak season, the downstream has not seen obvious entry into the market, and the transaction is temporarily treated with a shock idea
.
