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On Tuesday, the main 1704 contract of Shanghai copper opened at 49160 yuan / ton, under the influence of copper mine negotiations, Shanghai copper bulls were encouraged to increase positions after pouring in, copper prices benefited from rebounding to 49280 yuan / ton high consolidation, intraday touch to 49350 yuan / ton, at the end of the noon, with the collapse of the black series, Shanghai copper bulls have closed their positions and took profits, copper prices pulled back, and in the afternoon, the next layer, the low broke through the daily moving average, closing at 48920 yuan / ton at the doji, up 500 yuan / ton
.
Intraday Shanghai copper first rose and then declined, as London copper continued to fall, Shanghai copper or under pressure, pay attention to the support
near the 5-day moving average.
Externally, London copper opened at 6070.
5 US dollars / ton, due to the Escondida copper mine negotiations without results, during the Asian session London copper bulls have increased positions, driving London copper up to 6093 US dollars / ton, and then with the strengthening of the US dollar index, long profits closed the bag for safety, copper prices from the high shock fall, the European session continued the pullback trend, low to 6031 US dollars ton, after getting support near the 5-day moving average, short cover lead copper prices back up, as of 17:20, London copper reported 6039 US dollars / ton
。 Intraday copper rushed back down, near the 5-day moving average to get support, pay attention to the United States February Markit manufacturing PMI preliminary value, expected data to be good, the dollar continues to maintain a strong position, copper prices around the 5-day moving average support to test
.
In terms of the market, Shanghai copper continued to rebound, market holders have different mentality, more high active cash, now copper discount all the way expanded, premium copper discount expanded to about 150 yuan / ton, flat water copper expanded to about 300 yuan / ton, wet copper brand near noon discount quotation of more than 400 yuan / ton, market transaction is limited, until the near noon copper high level falls, the transaction slightly improved, speculators to reduce the price to absorb copper, copper price rebound, downstream wait-and-see sentiment increased
。 In the afternoon session, the market continued to fall, the spot discount has narrowed, flat water copper reported a discount of 290 yuan / ton - discount of 230 yuan / ton, the source of low-priced goods has decreased, more than 150 yuan / ton of good copper has been rarely quoted, the general transaction is below 140 yuan / ton, the transaction price is 48430 yuan / ton - 48700 yuan / ton
.
On the industrial side, Escondida copper miners insist on uncompromising pay and benefits, and the world's largest copper mine, which produced 980,000
tonnes of copper last year, continues to be at an operational stalemate.
In addition, Freeport expects copper production and copper sales to decrease by 17%
in the first quarter of this year at the PT Freeport Indonesia (PTFI) project due to force majeure that blocked deliveries at the nearby Grasberg copper mine.
In addition, in 2016, the total output of ten non-ferrous metals in China was 52.
83 million tons, a year-on-year increase of 2.
5%, of which the output of refined copper was 8.
44 million tons, a year-on-year increase of 6%; Copper concentrate production was 1.
85 million tonnes, up 10.
9%
year-on-year.
From a technical point of view, after the copper price breaks through the early shock range, there is still room for rebound, such as a pullback in a short period of time, you can still choose the opportunity to buy, and the transaction is still dominated by buying on the dip
.
