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On Monday, the Shanghai copper 1904 contract opened at 48710 yuan / ton in the morning, and the price revised slightly downward after the opening, maintaining stability to around 48660 yuan / ton, during which it touched 48610 yuan / ton for many times, near noon, copper prices began to rise rapidly, until the afternoon copper price reached a nearly two-month high of 49260 yuan / ton, after the high copper price maintained stability around 49180 yuan / ton, up 880 yuan / ton, up 1.
82%.
This week's domestic data list, waiting for external guidance, test whether the main force of Shanghai copper can break through the 49,300 yuan / ton position
.
Externally, during the Asian session, London copper opened at 6218 US dollars / ton, after the opening under pressure daily moving average slightly downward, maintaining stability around 6194 US dollars / ton, during the period to test down 6187 US dollars / ton, and then by the US index sharp shock lower and India's Supreme Court rejected the news that Vedanta (Vedanta) copper smelter in southern India resumed production, copper prices rose rapidly, the center of gravity around 6220 US dollars / ton in the afternoon to do a narrow range, the afternoon copper price continued to rise, straight line higher 6258 US dollars / ton, Subsequently, the center of gravity repeatedly fluctuated in the range of 6232-6258 US dollars / ton, and as of 17:00, London copper reported 6213.
5 US dollars / ton
.
On the macro front, the lack of further news guidance in the short term, due to the recent Sino-US trade negotiations released certain positive signals, market sentiment continued to be optimistic, and metal prices continued to rebound
.
Domestically, we have continued to pay attention to the progress of Sino-US trade negotiations in Washington recently, and the market pessimism has been repaired
to some extent with the sharp rebound of the domestic stock market after the holiday.
In terms of the market, Shanghai copper performance rose, standing above the 60-day moving average and hovering around
48,600 yuan / ton.
The pressure of accumulation during the Spring Festival prompted some traders to sell spot, and the morning market quotation discounted 130 ~ discount 30 yuan / ton, mostly cautious wait-and-see, the transaction is not easy
.
Holders are eager to exchange cash, and the market selling volume is relatively concentrated, and the quotation shows the phenomenon
of high reporting and low going.
Although the downstream start after the holiday has picked up, the rise in the market inhibits downstream buying, cautious entry into the market, the market supply is abundant, the arrival of goods into the warehouse, the characteristics of oversupply are obvious
.
In the afternoon, the market rose sharply, the market has good expectations for copper prices, spot quotations have a certain space for price pressure, and due to the gradual recovery of the downstream, so the transaction is more positive, and because the source of good copper is less than the proportion of flat water copper, so good copper transactions are more enthusiastic
.
Overall, short-term market sentiment has warmed up, superimposed on the good news of the industrial chain, copper prices continue to rebound, technically, in view of the upward trend of copper prices, short-term continuation of strong probability
.
