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This week, the Shanghai copper index price fell to 52,000 yuan at the beginning of the week to support and ushered in a rebound, opened 53,050 yuan in the middle of the week and then went low, and then ushered in three consecutive negatives, to Friday close to a low of 51,260 yuan, this week finally closed at 51,350 yuan, down 1,330 yuan, or 2.
52%, the index weekly position increased by 14,192 lots to 874,000 lots
.
In terms of external trading, the LME copper price bottomed out at $6,855 at the beginning of the March copper week and soared sharply, rising to $7,029.
5 and then under pressure, and then fell three times to $6,777, closing at $6,797 on Friday, down $119, or 1.
72%,
during the week.
In terms of the market, Shanghai Nonferrous Metals Trading Center this week copper price main trading range of 50960-51100 yuan / ton, the overall premium range of the future is C260-C40 yuan / ton, this week the market demand is still not improving, coupled with the weekly copper price trend fluctuates greatly, middlemen maintain a cautious wait-and-see, holders slightly price but shipments are more difficult, Friday copper prices fell sharply so that holders hold prices, market shipments have decreased, middlemen temporarily continue to wait and see, downstream demand recovery is slower, The market as a whole is generally trading
.
In terms of news, the General Administration of Customs announced on March 8 that China imported 352,000 tons of unwrought copper and copper in February, 442,000 tons of unforged copper and copper in January, and 794,000 tons of unforged copper and copper products from January to February; a total of 723,000 tons in the same period last year, up 9.
8%
year-on-year.
This week, the market sentiment was affected by the trade war in the United States, black and chemical varieties broke down, copper market long positions reduced positions, coupled with the slower recovery of domestic copper spot market demand, inventory accumulation is higher, dragging copper prices down again
.
After the short-term plunge, pessimism was vented, and attention was paid to whether the main force of the bulls continued to reduce their positions, and it is expected that the short-term weak shock operation
.
From a technical point of view, on the weekly k, KDJ dead cross, MACD dead cross, the price is temporarily supported by the 10-week line, and the bullish trend is damaged; On the daily K, the Shanghai copper index MACD dead cross, KDJ dead cross, the price fell to the moving average system under the short arrangement, there is still room for decline below, temporarily pay attention to the support
at 51,000 yuan.
