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Market review, Shanghai copper volatility on Monday, indicating that copper prices continued to rise, resulting in further outflows of short funds
.
The CU1901 contract traded in a range of 49400-49920 yuan / ton, and closed at 49780 yuan / ton at the end of the day, up 0.
40%
on the day.
In the external market, as of 15:27 Beijing time, the three-month London copper was reported at 6233.
5 US dollars / ton, down 0.
14% on the day, and the support level below it focused on 6200.
0 US dollars / ton
.
In terms of the market, Shanghai copper maintained a recovery trend, and copper prices fluctuated
along the line of 49,600 yuan / ton.
Holders continued last Friday's very good copper premium willingness, flat water copper followed the trend, morning market quotation premium 50-110 yuan / ton, futures and cash together, market buying performance cautious, flat water copper holders took the lead in abandoning the price, there was a trend of competing price reduction, flat water copper was reduced to 40 yuan / ton, still weak trading
.
Good copper stands at 100 yuan / ton of premium, and there is little change
.
Entering the second trading stage, flat water copper has dropped to a premium of 30 yuan / ton line, downstream market entry is still rare, wet copper due to low-end goods, downstream lack of interest, and flat water copper price difference widened, wet copper from 180 yuan / ton discount to 220 yuan / ton
.
Under the background of the general decline of the premium, good copper is also forced to drop to about 90 yuan / ton, but the sliding space is limited, and the price difference with flat water copper is still more than
50 yuan / ton.
The market is rising, spot consumption is weak, high premiums have inhibited market transactions, traders have slightly peaked, the price difference between brands is difficult to narrow in the short term, and transaction differentiation will further increase
.
On the news, the Asian dollar index was volatile and now trading around 96.
463, and on Friday the dollar index fell further and stabilized during the day as some Fed officials expressed a cautious view on strong global growth, prompting the market to reassess the future pace of interest rate hikes in the United States
.
On the industry front, India's Vedanta Ltd.
, which has been selling copper concentrate on the spot market at the Sterlite smelter, has been forced to shut down operations due to pollution concerns
, an official said.
The official told Reuters the company was processing about 70,000 tonnes of copper concentrate, which had been idle since the plant closed
.
Shanghai copper volatility was strong during the day, as the US dollar index fell further, the non-ferrous sector generally rose, copper prices continued to be strong in the previous period, consumption in the spot market was weak, and high premiums inhibited
market transactions.
From a technical point of view, the futures price stood above the moving average combination and broke through the middle band of the Bollinger Road, showing a strong trend in the short term
.
Operationally, it is recommended that the CU1901 contract can consider choosing a short opportunity around 49,500 yuan / ton, and the stop loss refers to 49,000 yuan / ton
.
