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On Friday, the main 1701 contract of Shanghai copper opened at 44250 yuan / ton, affected by the strengthening of the US dollar, Shanghai copper long liquidation continued to flow out, copper prices fluctuated downward, probing as low as 43720 yuan / ton, and then the low stabilized, in the afternoon, bulls tried to increase positions, driving copper prices back up, closing at 44210 yuan / ton, up 320 yuan / ton, or 0.
73%.
During the day, Shanghai copper tested the low and rebounded, and bulls still tend to be cautious about short-term operations
.
Externally, London copper opened at 5465 US dollars / ton, the US dollar continued to digest Yellen's hawkish speech, the US dollar rose sharply to a 14-year high of 101.
37, the Asian session bulls continued to retrace, copper prices under the lead pierced the 10-day moving average, the low touched 5406 US dollars / ton, under the support of the 10-day moving average, copper prices returned to the low level, recovered all the declines, the European session short-term back to the daily average after continuing to rise, touching a high of 5492.
5 US dollars / ton, subject to the 5-day moving average and falling, as of 17:30, London copper reported $5438.
5 / ton.
In terms of the market, the trend of Shanghai copper is still subject to restrictions, the market supply brands are diversified, especially the proportion of imported copper has increased, there are more low-end supplies, the pressure on copper supply is still present, the discount continues to expand, speculators absorb low-priced premium copper, downstream favors low-end sources, low prices into the market, the transaction is slightly improved
compared with yesterday 。 In the afternoon session, copper prices stabilized and rebounded, because of the improvement of good copper transactions, strong attractiveness, the market for the discount of 100 good copper quotations plummeted, most of the quotations of premium copper rose back to discount 90 yuan / ton - discount 80 yuan / ton, flat water copper is still difficult to digest, maintain a discount of 140 yuan / ton - discount 110 yuan / ton, with the rise of copper in the final period, the transaction price increased to 43720 yuan / ton - 44170 yuan / ton
.
In terms of industry, it is reported that the processing fee paid by the free port to Jiangxi Copper in 2017 was 92.
5 US dollars / ton or 9.
25 cents / pound, and some analysts considered the processing fee level to be "too low"
.
The level of processing fees of $92.
5/t can still be counted as profitable
for smelters.
Overall, copper prices have continued to perform strongly since late October, but more driven by market sentiment and funds, copper market fundamentals can not effectively promote copper prices, copper prices are gradually returning to calm, considering the recent market uncertainty, still recommended to operate
cautiously.
