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On Thursday, the main 1704 contract of Shanghai copper opened at 47680 yuan / ton, long and short competition at the beginning of the session, copper prices backed by the daily moving average around 47675 yuan / ton consolidated, in the afternoon with bifocal diving, bulls heard the news quickly fled, copper prices fell sharply, after testing down to 47370 yuan / ton, a small number of short profits closed positions, copper prices reversed, closed at 47590 yuan / ton at the small black line, Increase 3,276 lots to 159,000 lots, the trading volume decreased by 8,806 lots to 109,000 lots, intraday Shanghai copper high volatility, under the fermentation of copper mine news, copper prices in the later period still maintained a strong position, continuing to move closer to the upper rail of Bollinger Road
.
In the afternoon, due to the Philippine president's decision to temporarily allow the affected mining companies to continue mining, it means that the layoff concerns of mining sites in 10 provinces and regions temporarily eased, as well as the sharp dive in coking coal coke, copper prices were affected short-term to 5851 US dollars / ton, and then the bears covered copper prices to rise, reversing the daily moving average, and continued to fall after a short consolidation, as of 17 :20, London copper reported 5863.
5 US dollars / ton.
Copper fluctuated at a high level in the day, and supply disruption concerns caused by the strike at the world's largest copper mine supported copper prices, and it is expected that the trend of copper prices in the later period is still strong, continuing to approach the upper rail
of Bollinger Road.
On the macro front, in China, real estate investment is expected to maintain growth in recent months as December data showed that the growth rate of real estate investment increased month-on-month
.
The blow to real estate investment from the increase in the cost of capital may not be felt
until further into the future.
As a result, real estate investment has led to a positive appetite for copper, and we believe copper prices are likely to rise for
at least the first half of 2017.
In terms of the market, Shanghai copper continued to rise, the willingness of holders to exchange cash at high is still there, the market supply is still abundant, especially flat water copper goods are cheap, and good copper to open the price difference, the basis of the next month is still maintained at more than 200 yuan / ton, some speculators absorb good copper, buy cash selling period, so that good copper discount has signs of narrowing, the difference between brands is large, the downstream has not seen a significant return, and with the expansion of import losses, the market still has a large number of imported copper impact, implying that financial pressure still exists, wet copper performance is particularly obvious
。 In the afternoon, the plate short-term low, traders continue to enter the market to absorb good copper, good copper discount was raised to discount 80 yuan / ton - discount 40 yuan / ton, inquiry positive, and drive flat water copper quotation, flat water copper followed up to discount 130 yuan / ton - discount 80 yuan / ton, it is difficult to find a low-priced cheap source, the transaction price fell slightly to 47000 yuan / ton - 47200 yuan / ton
.
Technical, daily level, K line gradually approached the BOLL upper band, and slightly departed from the MA moving average combination, MACD fluctuations are stable
.
Market activity is still low, or there is no big market in the short term, and copper prices may continue to maintain range volatility, ranging 46800-48500
.
