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This week, the Shanghai copper index first rose and then suppressed, the black breakthrough at the beginning of the week caused the Shanghai copper index to soar to a maximum of 51190 yuan, and then LME inventory increased slightly, coupled with crude oil diving, the price shock fell back to the lowest 50210 yuan, Friday the price opened high and went high, once rebounded to 50820 yuan, but it is difficult to break through
again.
The final close of the week was 50,630 yuan, up 380 yuan, or 0.
76%, and the index weekly position increased by 5,876 lots to 721,000 lots
.
In terms of external trading, this week's LME March copper week began to break through $6400 to a maximum of $6430, after which the price retreated, and maintained a wide range of $6300-6400, the price more than closed the doji, Friday's domestic trading session closed at $6368, up $23.
5, or 0.
37%.
In the market, the jump in copper prices at the beginning of the week caused spot copper prices to rise sharply above 50,000 yuan / ton, and began to narrow on Wednesday as the market supply was tight, and spot copper prices fell slightly, attracting traders to replenish goods slightly on the dip, and the transaction situation improved
.
On Friday, the downstream was looking for low-priced sources, and the overall transaction was acceptable, but it was not as good as the previous two days, and there was no large amount of replenishment before the weekend, and buyers were slightly hesitant to receive goods, and the transaction tended to be calm
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders continue to have a volatile view
on copper prices.
In terms of news, at the beginning of the week, the bulls' funds once rushed above 51,000 yuan, but since then the bulls took profits, coupled with crude oil falling, and the US economic data was slightly weaker than expected, copper prices retreated
.
At present, ahead of the US non-farm payrolls report in July, weak manufacturing data has caused market concerns, which has cooled expectations of another interest rate hike by the Federal Reserve this year, and the weakness of the US dollar is difficult to change, and copper prices are expected to be supported
.
From a technical point of view, the KDJ gold cross diverged on the week k, the MACD gold cross, the price continued to stand above the 5-week moving average, and broke through the recent high, showing a strong show; On the day K, MACD golden cross, KDJ dead cross have signs of top divergence, short-term or will step back to the lower support around 50,000 points, there is a possibility
of continuing to break through after adjusting the momentum.
