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On Friday, the Shanghai copper 1609 contract opened at 38490 yuan / ton, long and short tangled at the beginning of the session, Shanghai copper continued to consolidate around 38500 yuan / ton, with the US index slightly climbed, bulls closed their positions to hedge, copper price center of gravity fell back to around 38300 yuan / ton, followed by long-short short-term operation, copper prices fluctuated in a narrow range, pulled down at the end of the day, closed at 38180 yuan / ton, down 220 yuan / ton
.
Shanghai copper high fall, mainly long position reduction, the current market cautious sentiment rebound, it is expected that Shanghai copper shock is weak, backtesting the effectiveness of
the 10-day moving average support.
In terms of external trading, London copper opened below the 5-day moving average at 4955.
5 US dollars / ton, long and short competition at the beginning of the session, London copper around the opening price near consolidation, the European session US index higher, again rushed to the 97 mark, bulls closed their positions, copper prices leaked sharply, low touch 4928 US dollars / ton, downward seeking 10-day moving average support, accompanied by the US index high fall, bulls increased positions, London copper V-shaped reversal to recover the 5-day moving average, the high touched 4975 US dollars / ton, The UK announced that the preliminary manufacturing PMI in July was 49.
1, the preliminary value of the services PMI of 47.
4 and the preliminary composite PMI of 47.
7 were lower than the previous value, of which the preliminary PMI value in July hit a seven-year low, the pound/dollar fell sharply, and the dollar started to rise again, triggering market caution, copper prices retraced, as of 17:30, London copper reported 4962 US dollars / ton
.
In the market, Shanghai copper opened sideways, and now copper rose to a
stalemate.
The opening is good copper to flat water, flat water copper newspaper discount 30 yuan / ton, but the transaction is flat
.
After the first quarter of the market closed, the market opened down, down 200 yuan / ton from yesterday, resulting in a slight increase in speculative buying, but because traders favored good copper, only good copper quotations rose slightly to 10 yuan / ton, flat water copper still reported a discount of 30-50 yuan / ton
.
Intraday transactions are dominated by traders, supply and demand are relatively tug-of-war, and the downstream has been slightly replenished yesterday, so there are few inquiries today
.
In the afternoon, copper prices fell weakly, the market quotation remained stable at a discount of 50 yuan / ton - 10 yuan / ton of premium, the transaction price fell to 38160-38280 yuan / ton, spot sales are still relatively weak, and it is difficult to improve
.
The overall market performance is wait-and-see, and all parties are expecting a breakthrough
in the market.
