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On the first trading day after the Spring Festival holiday, Shanghai copper showed a trend of opening high and low, and market activity did not improve
.
In the morning, the main 1804 contract of Shanghai copper opened at 53080 yuan / ton, after the opening of the bulls have made profits to leave the market, copper prices all the way down to the low of 52560 yuan / ton, back to the 10-day moving average to get support, copper prices rebounded slightly, stabilized around 52720 yuan / ton consolidation, the end of the copper price jumped to the daily moving average, but failed to stand, then fell back below the daily moving average, and finally closed at 52750 yuan / ton, up 190 yuan / ton
.
In terms of the external market, in the morning, London copper opened at 7088 US dollars / ton, after the opening of London copper straight down to find low, to 7005 US dollars / ton around the 60-day moving average to find support, 7000 US dollars near the integer mark brought Lun copper low rebound, slowly rose to near the daily moving average, around 7033 US dollars / ton narrow consolidation, always under pressure on the daily average, as of 17:30, London copper reported 7024.
5 US dollars / ton, down 110.
5 US dollars / ton
.
In terms of the market, on the first trading day after the Spring Festival of the New Year, there are not many enterprises that start to work, only a small number of merchants participate in the quotation, because the arrival during the Spring Festival has not increased significantly, in order to balance the cost of receiving goods before the holiday, the initial quotation of the holding merchant is stronger, the morning market quotation good copper discount 200 yuan / ton, flat water copper discount 260 yuan / ton, the response is few, difficult to exchange cash, the holder has no choice but to reduce the quotation, good copper discount 220 yuan / ton or so, flat water copper discount 300-280 yuan / ton, wet copper super discount 400 yuan / ton, Individual traders undercut the price to close the source of discounted water, and the cost-effective flat water copper is favored
.
The downstream is still in the holiday atmosphere, there are very few purchases in the market, and the market conditions still show a strong Spring Festival atmosphere
.
In the afternoon session, the quotation concentration is lower, the price is stable, the transaction is few, and the market participation is further reduced, the flat water copper newspaper discount 290-270 yuan / ton, the good copper newspaper discount 250-220 yuan / ton, the transaction price is 52150-52330 yuan / ton
.
During the Spring Festival holiday, copper prices rebounded over-sold, rising more than 3%, London copper returned to above the 7,100 US dollars / ton line, and the main force of Shanghai copper rose to around the 53,000 yuan / ton line; However, the first trading day after the holiday copper opening performance is not good, the overall domestic spot copper price transaction 52140-52300 yuan / ton, the average price of 52220 yuan / ton, up 155 yuan / ton from the previous trading day, discount 290-220 yuan / ton shipment
.
On the first trading day after the Spring Festival holiday, there were not many enterprises that started to work, only a small number of merchants participated in the quotation, the downstream procurement was extremely light, and the market still highlighted the festive atmosphere
.
