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Brief comment on the copper market, the main 1907 contract of Shanghai copper opened at 47800 yuan / ton in the morning, and then the center of gravity of the disk was around 47770 yuan / ton, and fluctuated between 47730-47810 yuan / ton
.
Subsequently, the bears reduced their positions, and the center of gravity of the disk moved up to 47810 yuan / ton in a narrow range
.
In the afternoon, copper prices further steadily rose to the intraday high of 47880 tons / yuan, due to lack of confidence, the high was difficult to hold, and then fell to a low of 47740 yuan / ton, closing at 47790 yuan / ton, up 190 yuan / ton, or 0.
4%.
On Friday, the U.
S.
consumer confidence index hit a 15-year high, and the dollar index rose all the way, putting severe pressure on copper prices
.
In terms of fundamentals, the continuous decline trend of Shanghai copper inventory has not changed, and the tight supply of refined copper in the later period is expected to bring some support to copper prices, but there is no large growth point in downstream refined copper consumption, the cold winter of the automobile market continues, and copper consumption is affected by policies in the later period
.
Copper prices are expected to continue to range the market, ranging from 4.
75-48,500, need to pay attention to the recent domestic counter-cyclical regulation and the US economic trend, it is recommended to stock up in the downstream
appropriately.
Industry News:
Ivanhoe Mines, Canada's Ivanhoe Mines, said it is ready to begin construction of the first two copper mines in the Democratic Republic of Congo and will press ahead with a third after partner China Zijin Mining invested an additional C$67 million ($49 million) in the company
.
Polish mining company KGHM, Europe's second-largest copper producer, produced a record 142,000 tonnes of copper in the first quarter of this year, up 28%
from the same period last year, according to the Mining website.
This was due in part to increased
production at the Company's Sierra Gorda copper mine in Chile.
During the day, the outflow of Shanghai copper in the nonferrous sector reached 278 million
.
The main force of Shanghai copper is barefoot big Yang column, the overall above the lower Bollinger band stabilized, the upper shadow is up to test the 10-day moving average, and the KDJ indicator has a golden cross.
Wait for the guidance of the external disk to test whether Shanghai copper can further break above 48,000 yuan / ton
.
