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On Tuesday, the price of the main 1709 month contract of Shanghai copper remained at a high level and fluctuated in a narrow range after the open, and the price fell slightly before the afternoon, and continued to adjust sharply to a minimum of 47560 yuan in the afternoon, and the price fluctuated
in a narrow range before the close.
It closed at 47,690 yuan, up 170 yuan, or 0.
36%, and index holdings decreased by 10,790 lots to 601,000 lots
.
Externally, LME copper opened in March and then fluctuated higher to $6,015, then the price fell slightly to the opening price of $5,996 to rebound, and the price plunged straight down to $5,970.
5 in the afternoon, after which the price rebounded
slightly.
The final price closed at $5,990, down $14.
5, or -0.
24%.
In terms of the market, the market trading in the morning mainstream trading session has been active, the spot market after the delivery day continues to maintain a discount state, the discount is reported at C160-C70 yuan / ton, due to the spot copper price rose again, the downstream is still afraid of heights, but traders are actively trading, some sets of goods to keep the merchants in the spot market to sell a large number of goods, the trading situation has improved compared with before, intraday good copper and flat water copper resources are more sought-after, wet copper shipments are difficult
.
In terms of news, in the context of China's favorable economy, the LME three-month copper once exceeded 6,000 US dollars / ton, and copper prices are expected to still have upward momentum
.
However, affected by off-season factors, the main force of Shanghai copper overnight rushed to a high of 48,000 yuan and then fell below again, indicating that the upward force was slightly insufficient
.
From the perspective of futures, Shanghai copper slightly pulled back to the 5-day moving average within the day, MACD, KDJ continue to double golden cross, it is expected that short-term copper prices will be ready to wait for further upward breakthroughs, continue to pay attention to downstream procurement
.
