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This week's Shanghai copper main 1706 contract shock fall, opening at 46970 yuan, after the opening from the highest point of 47700 yuan weak shock, Tuesday noon began to fall widened, to midnight fell to the weekly low of 45520 yuan after rebounding to pick up, Friday slightly pullback, finally closed at 46110 yuan, down 1200 yuan, down 2.
54%, position increased by 70764 lots to 239,000 lots
.
This week's LME March copper volatility lower, Monday opened at $5826.
5, after the opening wide volatility, to the highest point of $5832 after falling and rebounding, then unilateral decline, Tuesday night dipped under the water, bottomed at $5615, then rebounded to pick up, late correction slightly, closed on Friday Easter, closed at $5682.
5 on Thursday, down $165, or 2.
82%, positions increased by 2,801 lots to 346,000 lots
.
On the macro front, geopolitical risks have intensified this week, especially after the United States overdrew the largest non-nuclear bomb in the history of the US military to Afghanistan, safe-haven assets such as gold have soared, while base metal prices have fallen
.
The domestic housing market and currency tightening have become one of
the main factors suppressing copper prices.
The latest release of China's social finance data for March showed that social finance increased to 2.
12 trillion yuan, and the growth rate of M2 declined, indicating that corporate deposits are activated, the market is more inclined to investment, and the medium and long-term macroeconomy is optimistic
.
In terms of markets, the market traded flat
this week.
At the beginning of the week, the market supply is sufficient, imported copper is most, with the delivery approaching, the market supply tightened, premiums, mainly flat water and wet copper premiums gradually raised, spot basis narrowing led to traders moving sentiment is low, downstream bargain hunting.
On the last trading day of the week, the market trading was flat, traders mainly shipped warehouse receipts, the moving sentiment was low, the supply side tightened slightly, especially in the afternoon spot premium rose further, and the downstream bargain procurement, mainly for the weekend plus work preparation
.
According to the survey results, most traders hold a downward view, and a small number hold an upward view
.
Near delivery, market supply gradually tightened, spot premiums rose, the second half of the week was mainly concentrated in the rise of flat water copper and wet copper, downstream consumption performance was flat
.
In the short term, the price may continue to continue the weak trend, and due to the lack of support from bullish news, the short-term upward momentum is lacking
.
