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On Tuesday, the Shanghai copper 1701 contract opened at 45250 yuan / ton, bulls swarmed in the morning session, short positions closed to hedge, Shanghai copper showed a unilateral upward trend, Shanghai copper rose sharply to 46320 yuan / ton in the afternoon, and then some bulls took profits, copper prices consolidated at 46100 yuan / ton, closed at 46210 yuan / ton in the long white line, up 1710 yuan / ton
.
During the day, the upward movement of Shanghai copper fully stood on the 5-day moving average, the 5-day moving average turned upward, and the long arrangement of the moving average group supported copper prices
.
At present, the market bullish atmosphere is dominant, and it is expected to continue to be strong in the short term
.
On the macro front, the US dollar index experienced a technical correction after rising for several consecutive trading days, which was positive for the overall trend
of the non-ferrous metals market.
The market expects future demand for industrial metals from China, the world's largest consumer of metals, and US metal demand is also boosted by
Trump's fiscal stimulus expectations.
In short, demand is expected to be good, and copper and aluminum are also boosted
.
At the same time, under the expectation of RMB depreciation, the internal non-ferrous trend is stronger than the external market
.
In terms of the external market, commodities as a whole attacked, London copper opened high at 5566 US dollars / ton, Asian session bulls have increased their positions in, London copper rose sharply to the intraday high of 5687 US dollars / ton, close to the high of two weeks ago, and then some bulls took profits, copper prices high pullback, European session continued to fall, back to the daily average to get support after rebounding under the dollar pullback, London copper as of 17:35, London copper reported 5665 US dollars / ton
.
The center of gravity of intraday copper moved up again, the market bullish atmosphere returned to the back, the daily moving average support performed well, and it is expected to remain high volatility in the short term
.
In terms of the market, Shanghai copper rose sharply, holders of high cash positive, good copper discount of more than 100 yuan / ton is still favored by traders, the first quarter of the morning market did not see a significant rise, some downstream into the market to buy, cost-effective flat water copper quotation firm, but low-end imported copper is still difficult to digest, the quotation is between 150 - discount 130 yuan / ton
.
Copper rose above 46,000 yuan / ton in the early midday session, the market transaction decreased, and the next month's ticket had a price difference
of 20 yuan compared with the current month's ticket.
In the afternoon, Shanghai copper continued to rise rapidly, but the discount did not expand accordingly, flat water copper report discount 150 yuan / ton - 130 yuan / ton, premium copper report discount 130 yuan / ton - discount 110 yuan / ton, due to the rapid rise of the plate, the transaction price soared to 45800 yuan / ton - 46040 yuan / ton, downstream fell into a wait-and-see attitude, traders' initiative has also shrunk, wait-and-see sentiment
.
On the whole, copper prices have been adjusted after being driven by market sentiment and funds in the early stage, and the short-term copper price performance is still strong and can be appropriately
operated in the short term.
