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This week's domestic copper price rally is suspended, the Shanghai copper index maintained a volatile trend after the opening of the week, repeatedly rushed up 51,000 yuan failed to close the long shadow, the market once rose to 51,650 yuan on Wednesday, but then the price began to pull back, Friday once fell through the pre-finishing platform, the lowest fell to 50,050 yuan, as of the close at 50,200 yuan, down 430 yuan, down 0.
85%.
In the external market, the LME copper 3-month contract first rose and then fell this week, the price was consolidated above $6400 and then rose all the way, once rushing to $6515 on Wednesday, but then rushed back down, the price also ushered in a correction, and then continued to fall to $6336.
5, and finally closed at $6358, down $4, or 0.
06%
for the week.
In terms of the market, this week as copper prices maintain an upward trend, the market is generally wait-and-see-based, it is difficult to promote the trading atmosphere, from Thursday, copper prices from the high pullback is stronger, attracting traders to take the dip, downstream also just need to stock, the transaction has improved, Friday trading continues to improve, copper prices continue to pull back in the morning, holders are still strong in price shipments, near the weekend, market sentiment has been slightly boosted, downstream inquiries are acceptable, bargain hunting on demand stocking.
In terms of news, at the beginning of this week, market bulls continued to make efforts, aluminum prices soared to drive the copper market once exceeded the 51,000 yuan / ton mark, but at the end of the week began geopolitics to trigger risk aversion to heat up, U.
S.
data generally showed weakness less than expected, while the short-term copper market fundamentals were slightly cold, putting copper prices under pressure to pullback
.
In addition, the statement of the China Steel Association and some rumors in the market caused the black series to fall sharply, affecting the nonferrous metal collective to adjust
sharply.
However, LME inventories continued to decline, indicating that downstream consumption still maintained strong expectations, bulls' enthusiasm did not decline significantly, and the support below significantly suppressed the decline
.
Technically, KDJ, MACD have the need for adjustment, the Shanghai copper index is difficult to break through the previous high pressure to choose to step back downward support, but the 50,000 yuan first-line price support is strong, coupled with the 20-day line is about to rise, the copper market will remain strong volatility, ready to wait for the next wave of rally
.
