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Overnight, London copper opened at $6839 / ton, continuing the previous stepwise downward trend to a low of $6777 / ton, followed by a slight rise and then a fall
.
Bulls then entered the market with their positions and rose to the level of
$6827.
50/mt.
After a period of shock adjustment, it rose to a high of $6971.
5 / ton, and adjusted slightly at the end of the session, closing at $6957.
5 / ton, up $134.
5 / ton
.
The trading volume increased by 3,640 lots to 19,366 lots, and the position increased by 1,424 lots to 312,000 lots
.
In terms of the market, as of March 9, the spot price of London copper was 6808 US dollars / ton, a discount of 24.
5 US dollars / ton compared with the March contract; The actual ratio of Shanghai copper spot to London copper spot was 7.
55 (import ratio was 7.
52), and the import profit was 238 yuan / ton; The actual ratio of the Shanghai copper 3 contract to the London copper March contract was 7.
56 (import ratio was 7.
52), and the import profit was 316 yuan / ton
.
In terms of news, last week Trump officially signed an executive order on imported steel and aluminum products with 25% and 10% tariffs respectively in the afternoon of local time, tariffs will be imposed within 15 days, while granting exemptions to Canada and Mexico, other countries have room to negotiate, trade war concerns have eased, the European Central Bank keeps interest rates unchanged, but deletes the phrase "expand QE if necessary", Draghi downplays "hawkish" expectations, and the euro fell
sharply after a short-term rise.
The macro demand is relatively stable, but the technical copper price fluctuates
sharply in the short term.
