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On Monday, the Shanghai copper 1701 contract opened at 43850 yuan / ton, after the opening by the overall recovery of commodities, bears have retreated, bulls increased positions in, Shanghai copper rose unilaterally in the morning, touched as high as 45410 yuan / ton, a small number of long profits in the afternoon, copper prices slightly retraced, closed at 45120 yuan / ton at the big white line, up 940 yuan / ton, up 2.
06%.
Under the bullish atmosphere of intraday commodities, most commodities have rebounded from the low, the center of gravity of Shanghai copper has moved sharply upward, and copper fluctuated strongly during the European session, and it is expected that there is still room for
upside.
In terms of external trading, London copper opened at 5446.
5 US dollars / ton, the Asian market long atmosphere is strong, bulls actively increase positions, leading copper prices all the way, in the afternoon at 5550 US dollars a line briefly hovered, European session again increased positions upward, recorded a high of 5594 US dollars / ton, as of 18:00, London copper reported 5573 US dollars / ton
.
Intran copper successfully stood on the 5-day and 10-day moving averages, and LME copper stocks fell by 6,625 tonnes in the afternoon, and the market sentiment is on the side, which is expected to remain strong
.
On the macro front, Chinese President Xi Jinping said in his speech at the Asia-Pacific Economic Cooperation (APEC) Business Leaders Summit in Lima, Peru, that China will encourage more enterprises to go out and expand foreign investment
.
He said that in the next five years, China's
total imports are expected to reach 8 trillion US dollars, the total utilization of foreign capital will reach 600 billion US dollars, the total foreign investment will reach 750 billion US dollars, and the outbound tourism will reach 700 million.
In terms of the market, the Shanghai copper shock upward, the holder maintained stable shipments, the opening of the copper report discount 100-90 yuan / ton, the transaction is relatively good, speculation is active
.
Then, as the plate rose by nearly 500 yuan, the quotation of good copper expanded the discount of 120 - discount 100 yuan / ton, but because the import of copper hit the market, especially the low-end flat water copper supply is sufficient, the variety is diverse, making the market digestion difficult, spot report discount 140 - discount 130 yuan / ton
.
The quotation of wet copper revolves around the discount of 190-180 yuan / ton, and the transaction is far less than that of good copper
.
A small number of bargain-hunting purchases in the lower reaches of the morning market, the transaction is still dominated by traders, and some holders have begun to issue monthly tickets
.
In the afternoon session, Shanghai copper continued to rise, holders for high cash, still expand the discount to seek transactions, flat water copper discount expanded to 150 yuan / ton - 130 yuan / ton, good copper discount 120 yuan / ton - discount 100 yuan / ton, the transaction price increased to 44800 yuan / ton - 45070 yuan / ton, traders focus on whether there is a larger source of discount, high transaction shows a tug-of-war
.
Overall, Shanghai copper intraday shock rebound, supported by the moving average below, showing optimism rising, the plate is in a high consolidation pattern, it is recommended to pay attention to market sentiment changes in the short term, pay attention to the risk
of pullback.
