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On Thursday, the Shanghai copper 1609 contract opened at 38460 yuan / ton
.
After the opening slightly higher, bears in this wave of suppression, copper prices fell back to 38190 yuan / ton, accompanied by the dollar stepped back to 96.
169, short profits to close positions, bulls waiting for the opportunity to counterattack, copper price center of gravity moved up to the daily average of 38465 yuan / ton nearby, long and short competition fierce, copper prices up and down, Shanghai copper tail upturned, at 38640 yuan / ton closed at Doji, up 290 yuan / ton
.
In foreign countries, London copper opened at 4929 US dollars / ton, during the Asian session, London copper rushed to around 4950 US dollars / ton and fell sharply to 4913.
5 US dollars / ton, and then stabilized and recovered the daily moving average, and the copper price soared in the afternoon to record a high of 4975 US dollars / ton; Entering the European session, with the dollar straight up to 96.
364, crude oil fell, bulls took profits to flee, copper prices fell, backtesting the support of the daily moving average, around $4950 to do a wide range
.
As of 18:00, London copper was trading at $4953/mt
.
In terms of the market, the Shanghai period copper fluctuated at a high level, and the current copper premium further expanded
.
Spot market quotes shifted across the board to the 1608 contract
.
On the supply side, the holders have increased their shipments at high prices, taking the initiative to reduce the discount of the rise, opening good copper to 08 contract flat water, flat water copper report discount 50 yuan / ton, to the morning market closed, good copper quotation has dropped to a discount of around 20 yuan / ton, flat water copper report discount of more than 70 yuan / ton, wet copper can be negotiated by the buyer price increase
.
In this context, although the downstream is afraid of high copper prices, it is forced to buy a small amount of the market on demand due to the demand for replenishment
.
The overall market conditions during the day were still weak, and the high price of the market had a significant inhibitory effect
on the transaction.
Tomorrow is the last trading day before delivery, the quotation is still for the 1608 contract, and the size of the copper discount is completely dependent on the basis fluctuation
.
During the day, the Shanghai copper probe rebounded low, and some hedging orders encountered bullish resistance, closing high and long lower shadow doji.
The Shanghai copper index has a daily inflow of 260 million yuan, and the trading volume has increased by 660,000 lots, and the funds have not yet left the copper market, and the bullish atmosphere remains unchanged
.
On Friday, China's heavy economic data, fixed investment and GDP data were released, and before the data was released, the market sentiment was cautious, and Shanghai copper was expected to be strong above
38,000.
