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This week's Shanghai copper index high consolidation, Monday overnight by the black series of the shadow of the high open low, the price once fell to 52290 yuan, then the morning opening price straight up, on Tuesday rose to 53270 yuan, since then the price maintained in the high range of 52600-53200 yuan oscillation
.
The final close of the week was 53,020 yuan, and the weekly position of the index decreased by 41,956 lots to 670,000 lots
.
In terms of external trading, the LME copper week was closed at the beginning of the March week this week, and began to gap upward on Tuesday against the background of a weakening dollar, and fell under pressure after a high of $6872 on Thursday, closing at $6822 during the domestic trading session on Friday
.
In terms of the market, the main trading range of copper prices this week jumped to about 52220-52670 yuan / ton, the overall premium range of the futures is C150-B20 yuan / ton, the spot copper price began to rise above 52200 yuan / ton at the beginning of this week, the downstream acceptance capacity is limited, the buying is not good, due to the continuous tight supply of market supply, the spot premium narrowed, the end of the good copper week reported to a slight premium, the holder is bullish and reluctant to sell, there is not much room for profit, coupled with the shortage of funds at the end of the month, the overall trading presents a pattern of supply and demand
。 On Friday, spot copper prices remained high, buyers replenished stocks on weekends, looking for low-priced sources, just needed to purchase, and the transaction was slightly better than in previous days
.
In terms of news, China's August manufacturing data this week optimistic outlook boosted metal market confidence, coupled with the continued weak operation of the US dollar, the Shanghai copper index has repeatedly rushed to a high of 53,000 yuan, the current spot market supply tightening pattern supports copper prices below the adjustment space
.
However, the bulls have made a lot of profits recently, there is a tendency to reduce positions and leave the market, and the price may have a correction
in the short term.
From a technical point of view, the KDJ gold cross diverged on the week k, the MACD gold cross, the price continued to step back to the 5-week moving average, showing a strong display; On the day K, the MACD gold cross has signs of top divergence, the KDJ gold cross is adjusted at a high level, and beware of the risk
of falling back after the short-term high.
