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Trade Service
Monday is a UK bank holiday, and the LME is closed
.
On Monday, the main force of Shanghai copper opened at 43570 yuan / ton in the morning, after the opening of the short entry to pressure copper prices, Shanghai copper short-term fell to the lowest point of the day 43400 yuan / ton, and then the bulls successively increased their positions slightly, copper prices rebounded slightly to 43560 yuan / ton, fluctuated around the 43500 yuan / ton line in the morning, and closed at 43600 yuan / ton
at noon.
In the afternoon, copper prices continued to fluctuate, and the center of gravity rose slightly to 43560 yuan / ton
.
Near the end of the day bears exited, long force, copper prices rose to the highest point of the day 43680 yuan / ton, closed at 43650 yuan / ton, down 80 yuan / ton, down 0.
18%.
In terms of the market, the market was closed for days and days, and the Shanghai copper fluctuated along the 43,600 yuan / ton line
.
Shanghai's recent inventory shows that it has fallen again, the willingness of holders is strong, the market quotation premium 180 ~ 200 yuan / ton, morning market traders lead the market transaction, high activity, flat water copper premium 180 yuan / ton transaction is acceptable, then hovering in the premium 190 yuan / ton, good copper quotation deadlock, concentrated quotation in the premium 190 ~ 200 yuan / ton, wet copper basically around the premium 150 yuan / ton nearby, downstream bargain procurement
.
Intraday market good copper, flat water copper narrow fluctuation in the premium 180 ~ 200 yuan / ton range of deadlock, some downstream bargain replenishment enthusiasm is acceptable, LME market every UK spring bank holiday closed, Shanghai copper running smoothly, holders of quotation firm, but the market premium of more than 200 yuan / ton has not followed, premium re-pull limited, intraday transactions are mostly traders for the final delivery of long orders, the market shows the characteristics
of supply and demand tug-of-war 。 In the afternoon, the center of gravity of the plate moved slightly up, the quotation remained unchanged, flat water copper premium 190 yuan / ton, good copper premium 200 yuan / ton, continue to show both difficult to further push up and difficult to suppress the price situation, the transaction price slightly moved up to 43820-43880 yuan / ton
.
Due to the closure of the LME on bank holidays, the internal market operated independently, and the overall trend during the day was stable, running in the range of 43420-43600 yuan / ton
.
Heightened tensions between China and the United States in recent days have led investors to reassess the speed of economic recovery from the impact of the new crown epidemic, market risk aversion has rebounded, and copper prices lack upward momentum
.
Fundamentals have not changed much
.
Shanghai copper closed positive during the day, the upper pressure 5-day moving average, KDJ curve crossed
downward.
The lower side is still far from multiple moving averages, and it is unlikely that it will fall below the 43000 mark
.
Pay attention to the trend of night trading to see if the bulls can continue to exert force and drive copper prices to continue to rise
.
