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Copper Market Review: On Monday, the Shanghai Copper 1905 contract performed well among base metals
.
Open at 49080 yuan / ton in the morning, slightly lower after the opening to test the lower 49070 yuan / ton, and then due to the bears actively reduce their positions, copper prices performance shock and rise, the morning concentrated transaction at 49220 yuan / ton line, the price continued to rise after the shock stood firm, has reached around 49340 yuan / ton in the afternoon, and then oscillated upward again in the afternoon, testing high at 49440 yuan / ton at the end of the session, closing at 49350 yuan / ton
.
Up 390 tons, or 0.
8%.
South Reserve East China: The average price of electrolytic copper was 49,900 yuan, up 410, and the monthly premium quotation: 750 to 850, up 910
.
East China: the tax reduction policy landed, the basis before the change of month was large, the intraday premium quotation jumped up, the morning market inquiry was positive, but the actual receiver was few, and then the cargo holders adjusted the price and shipped, some cargo merchants were more willing to raise the price, the premium quotation was slightly different, the buyer was cautious and wait-and-see, the downstream maintained just need to receive the goods, and the transaction was still not good
.
At the close, premium copper was up 850-900 yuan to the futures contract for the month, up 930 yuan from last Friday; flat water copper premium 750-800 yuan, up 915; Wet copper premium 700-750 yuan, up 995
.
South China Reserve: The average price of electrolytic copper was 49870 yuan, up 470, and the monthly discount quotation: 750 to 800, up 975
.
Guangdong: After the month change, the market quoted the 1904 contract, due to the imminent reduction of value-added tax, the huge tax differential income brought by it led to the merchant reporting a premium of more than 1,000 yuan in the morning, and the mood of wanting to profit for cash was high, and the receiver was afraid of heights and wait-and-see sentiment was serious, and the supply exceeded demand
.
In order to pursue transactions, the market fell into a stampede price adjustment rhythm, flat water copper quickly reduced +800 yuan / ton after stabilizing for a period of time, but there was still no substantial transaction, so it had to be further adjusted to 750 yuan / ton, and chaotic
.
The receiver continued to lower the price, and the mainstream of flat-water copper was sold at +720 yuan / ton, +730 yuan / ton, in addition, there were few quotations
for good copper on the market.
Spot prices have risen sharply and fluctuated sharply, the market wait-and-see sentiment is prominent, and the transaction is not smooth
.
Shanghai copper topped the list of nonferrous metal sector capital outflows during the day, with capital outflows reaching 787 million
.
During the day, the main force of Shanghai copper closed the positive body slightly upward, the upper shadow broke through the pressure level formed by the adhesion of the 5-day and 10-day moving averages, and the downward expansion trend of the green column of the MACD indicator eased
.
Pay attention to the changes in positions between contracts, wait for external guidance, and test whether the main force of Shanghai copper can continue to test to 49500 yuan / ton
.
