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The LME remains closed
on Monday for Easter.
The main contract of Shanghai copper opened at 40280 yuan / ton in the morning in 2006, and the copper price was pushed up to 41810 yuan / ton after the opening, at this time, the bears increased their positions at a high level, and the center of gravity fluctuated to about
41610 yuan / ton.
Subsequently, copper prices rebounded slowly and climbed, climbing to the highest point of the day at 41930 yuan / ton before noon, and closing at 41870 yuan / ton
at midday.
At the opening of the afternoon, the main force of Shanghai copper failed to extend the rally, and the center of gravity fell by about 100 yuan / ton to 41770 yuan / ton, and fluctuated
in a narrow range around this level.
It finally closed at 41780 yuan / ton, up 600 yuan / ton, or 1.
46%.
In the market, the Shanghai copper return rose to 42,000 yuan / ton, up nearly 1,000 yuan
from last Friday.
Morning market holders spot quotation premium 60 ~ premium 70 yuan / ton, good copper in the premium 70 yuan / ton after the first line of the transaction will rise to 80 yuan / ton, flat water copper favored by the market, low price premium 60 yuan / ton after the transaction adjusted to 70 yuan / ton, the transaction is
acceptable.
The characteristics of the common strength of futures and cash are obvious, the hearts of holders to raise prices have been unceasing, the downstream continues to maintain rigid demand, traders lead the market transaction, and low-priced sources are favored
by speculators.
In the afternoon, the high was blocked, and the high gave up a small amount of gains
.
The quotation is more single and firm, flat water copper quotation premium 80 yuan / ton, good copper premium 90 yuan / ton, the transaction price is 41910-42040 yuan / ton, but there is a slight feeling
of no market.
Domestically, China's new credit and social financing hit record highs in the same period and record respectively in March, effectively hedging the impact of the epidemic on the economy and providing strong support
for the recovery and development of the real economy.
Abroad, the OPEC+ production reduction agreement was finally reached, although the production reduction was less than expected, but to a certain extent, it alleviated the contradiction between global crude oil supply and demand, and provided support for oil prices
.
The overall macro environment is good
.
Coupled with the continuous disturbance of overseas mines, the tight supply of copper is difficult to solve for a while, supporting the rise in domestic copper prices
.
During the day, the main force of Shanghai copper fluctuated and crawled, and the center of gravity rose slightly, mainly because the market's expectations of an improvement in the macro environment further heated up
.
Shanghai copper rose slightly, approaching the 40-day moving average upward, 41900 yuan / ton position facing the gap two weeks ago, upward impact 42000 yuan mark, bulls afraid of high exit while bears try to increase positions, insufficient
upward momentum.
The external market is closed, and Shanghai copper is waiting for the
guidance of the external market.
