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On Monday, the main 1704 contract of Shanghai copper opened at 48240 yuan / ton, after the opening of the long and short game, Shanghai copper around the daily moving average of 48260 yuan / ton consolidation, the upper lead once pierced the 5, 10-day moving average, intraday touch to 48400 yuan / ton, but the upper still under pressure on the 20-day moving average, and then under the drag of the black series, the base metal collective plunged, Shanghai copper short positions increased sharply, copper prices leaked straight down, probing down to 47710 yuan / ton, close to the 40-day moving average, some short profit outflow, copper prices slightly upward , closed at the small black line at 47890 yuan / ton, down 260 yuan / ton, or 0.
54%.
Intraday Shanghai copper increased its position downward under the leadership of the black series, as London copper continued to decline during the European session, it is expected that short-term Shanghai copper will continue its decline and move closer to the 40-day moving average
.
In terms of the external market, London copper opened at 5933.
5 US dollars / ton, the Asian session around the daily average of 5939 US dollars / ton around the narrow range, up and down volatility only 10 US dollars / ton, above the 5, 10 day moving average adhesion, pressure superimposed, in the afternoon under the drag of the black series of the plunge, Shanghai copper 5900 US dollars / ton mark is not guaranteed, copper price broke through the 40-day moving average, London copper struggled slightly, into the European session, the deputy governor of the central bank recommended to strictly control the large-scale flow of funds to the asset bubble field, copper prices opened a new round of decline, It was 5,856 USD/mt lower, and as of 16:30, London copper was trading at $5,883/mt
.
Intraday copper fell sharply, dying at the long-term support 40-day moving average, continuing to test platform support around $5850, but technical indicators have gone bearish, and more positive news and strong data are needed to recover the decline
.
On the macro front, the 2017 government work report lowered this year's economic growth target to about 6.
5%, and said that this was based on the complex economic situation abroad and the need
to promote supply-side reform at home.
In the early morning of Saturday, Beijing time, Federal Reserve Chair Yellen delivered a speech, saying that if the economic data released is in line with expectations, it is appropriate to raise interest rates in March, and the market currently expects a probability of a rate hike in March to be as high as 94%.
In terms of the market, Shanghai copper rebounded slightly, the price difference in the next month is still more than 200 yuan / ton, speculators buy cash selling period, the current copper discount further narrowed, flat water copper first attracted attention, more inquiries, fast transaction, good copper then narrowed synchronously, the morning discount narrowed more than 20 yuan / ton, the market transaction activity was significantly improved, the willingness to receive goods was strong, the downstream active buying follow-up, the transaction improvement was more obvious
。 In the afternoon session, the market fell, traders continued to actively receive goods, the inquiry was active, the spot discount narrowed sharply, flat water copper newspaper discount 130 yuan / ton - discount 100 yuan / ton, good copper newspaper discount 100 yuan / ton - discount 50 yuan / ton, the transaction price fell back to 47500 yuan / ton - 47900 yuan / ton
with the plate.
In terms of industry, Chile's national copper company said that the global copper market supply gap this year is expected to be 100,000 tons, and said that despite the decline in ore taste, Chilean copper companies still maintain their annual copper production target at about 1.
7 million tons
.
Overall, considering that the supply and demand side of the copper market has indeed improved, and the traditional consumption season is coming, it is still recommended to buy
on the dip in trading.
