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On Friday, the main contract of Shanghai copper 1806 opened low oscillation, bottomed out at noon and recovered, intraday trading at 51700-51200 yuan / ton, the end of the day closed at 51400 yuan / ton, down 1.
04%, the day failed to continue the previous day's rally broke through the moving average 60, currently located at the intersection of the moving average operation
.
In terms of term structure, the positive price difference between the Shanghai copper 1805 contract and the 1806 contract remained at 220 yuan / ton
.
In the external market, the Asian market copper oscillated and rebounded, with the 3-month LME copper at $6976 / ton, up 0.
2% on a daily basis, running at the intersection of moving
averages.
In terms of positions, on April 18, the position of London copper was 312,000, a daily decrease of 1,778 lots, and the decline of London copper oscillated, indicating that with the rise in copper prices, long orders actively took profits
.
On the macro front, the Asian dollar index oscillated slightly and is now trading around 89.
9, running above the moving average group
.
China's Ministry of Commerce said there had been no negotiations between China and the United States, and that the United States had said it was willing to consult with China, but it was only a WTO dispute settlement procedure, indicating that trade frictions were continuing
.
You can pay attention to the preliminary consumer confidence index of the Eurozone for April
.
In terms of the market, on April 20, Shanghai electrolytic copper spot traded a premium of 230 yuan / ton - 270 yuan / ton for the monthly contract, and the transaction price of flat water copper was 51540 yuan / ton - 51640 yuan / ton
.
There are many shippers in the intraday market, there is no hard price in the morning, the willingness to exchange cash is strong, flat water copper due to the downstream market replenishment, the transaction is stable at 230-240 yuan / ton, the transaction activity is slightly warmed up compared with the previous day, the market selling for cash is slightly urgent, and the characteristics
of oversupply are beginning to appear within the day.
In terms of industry, the International Bureau of Statistics released new data showing that in March, China's refined copper production was 753,000 tons, a year-on-year increase of 4.
6%.
The cumulative output from January to March was 2.
207 million tons, an increase of 8.
7% year-on-year, indicating that China's copper stocks are sufficient and may reduce copper import demand
in the future.
During the day, the Shanghai copper 1806 contract opened low and closed down to 51400 yuan / ton, indicating that there was some selling pressure
above.
At present, copper prices are running at the intersection of moving averages, and Sino-US trade disputes have been repeated from time to time, and investors still need to be cautious
in operation.
In operation, it is recommended that the Shanghai copper 1806 contract can sell high and low between 51000-51800 yuan / ton, and the stop loss is 350 yuan / ton
each.
