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On Monday, the main 1803 contract of Shanghai copper opened at 52960 yuan / ton, in the morning session, copper prices hovered near the opening price, up and down volatility of no more than 50 yuan / ton, the afternoon bears took the lead to leave, while the bulls concentrated on the entry, driving the center of gravity of copper prices to move up above the daily moving average, the high to 53060 yuan / ton, but failed to stand, the 10-day moving average showed some resistance, slightly behind, copper prices once again oscillated upward, and finally closed at 53040 yuan / ton, down 140 yuan / ton
.
During the day, the center of gravity of Shanghai copper slowly moved upward, but it was under pressure on the resistance of the 10-day moving average, or tried to continue to break
upward.
In terms of external trading, London copper opened at 7060.
5 US dollars / ton, at the beginning of the session, London copper briefly tested down to 7050.
5 US dollars / ton, and then rose to 7078 US dollars / ton, hindered by the 10-day moving average, London copper fell back to the daily moving average, the second trading session of the Asian market, bulls strong positions poured in, London copper accelerated upward, the center of gravity stepped up, and broke through the 7100 US dollars / ton integer mark, as of 17:38, London copper reported 7104 US dollars / ton
.
In the short term, it is expected that London copper will be difficult to break the range shock pattern
for the time being.
In terms of the market, Shanghai copper 52700 yuan / ton around narrow finishing, the next month price difference widened to about 260 yuan / ton, this week into the delivery cycle before the Spring Festival, morning market holders good copper discount about 30 yuan / ton, flat water copper discount 60 yuan / ton, transaction performance positive, downstream still a certain amount of purchase, traders also have short-term speculation brick moving demand
。 After 10 o'clock, the market quotation has narrowed to flat water copper discount 40 ~ 30 yuan / ton range, the recent domestic flat water copper circulation supply is tight, the quotation is firm, good copper has been to the flat water quotation, with the quotation up, downstream intraday receipt basically came to an end, traders profit margins narrowed, the transaction began to weaken, intraday transactions first fell and then rose
.
In terms of stocks, as of February 2, COMEX copper stocks 222972 short tons, an increase of 667 tons from February 1; LME copper stocks were 304325 t, down 350 tonnes from Feb.
1; As of February 5, SSE futures inventories were 52,718 tons, an increase of 552 tons
from the previous day.
Industry news, on January 31, 2018, the Solid Waste Management Center of the Ministry of Environmental Protection published the detailed list of applications for restricted imports approved in the fifth batch of 2018, which includes chemicals, beverage bottles, waste paper, waste ships and so on
.
The copper industry is more concerned about the import of scrap seven types of copper, and there are only two companies in this import, namely Taishan Xingbao Metal Plastics Co.
, Ltd.
and Guangxi Jiahe Shengde Golden Sun Renewable Resources Co.
, Ltd.
(Wuzhou Processing Park).
The approved import volume was 870 tons and 2,600 tons respectively, totaling 3,470 tons
.
Domestic copper spot continued to narrow during the day, supporting the recovery of copper prices, and the fifth batch of scrap copper import approvals continued to be greatly reduced, limiting the decline in copper prices, but the domestic Spring Festival is approaching, consumption is light and the domestic tight capital at the end of the year, investors or short-term operations, short-term inhibition of copper price rebound space, copper prices are likely to maintain a momentum of volatility
.
