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On Monday, the price of the main 1710 month contract of Shanghai copper immediately rose to 51,060 yuan after the open, but after that, the price fell sharply from the high to near the intraday low, and then the price fluctuated in a narrow range, and rebounded slightly in the afternoon to rise to around 50,500 yuan, closing at 50,440 yuan, up 60 yuan, or 0.
12%, and the index position decreased slightly by 5,092 lots to 716,000 lots
.
In terms of the external market, LME copper opened in March in a narrow range of volatility higher, the Asian market opened immediately after the sharp rise to a maximum of 6430.
5 US dollars, and then continued to fall under pressure to the lowest 6336.
5 US dollars, then the price fell in a narrow range higher, once pulled up to around 6375 US dollars at the end of the day, and the final price closed at 6365 US dollars, up 3 US dollars, or 0.
05%.
In terms of the market, the market trading in the mainstream trading session of the Shanghai Nonferrous Metals Trading Center in the morning was general, and the holders actively quoted during the day and the copper discount continued to expand, and the downstream was looking for low-priced sources, mainly purchasing on demand, and the overall transaction was average
.
In terms of news, a sharp rise in rebar prices triggered a wave of short cover in the non-ferrous metals market in the morning, but then the price fell rapidly, dragged down by the strengthening of the US dollar, and copper prices have remained weak in the afternoon
.
The dollar has been running low for a long time, but U.
S
.
employers added more jobs than expected in July and raised wages for employees, a sign of tight labor market supply that could clear the way for the Federal Reserve to announce its plans to begin reducing its huge balance sheet, and the dollar rally could suppress colored markets.
From the perspective of futures, Shanghai copper continues to stand at the 5-day moving average and the 50,000 yuan integer mark, MACD, KDJ have a continued adjustment trend, it is expected that short-term copper prices will continue to consolidate prices near the 10-day moving average, and continue to pay attention to downstream procurement
.
