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On Friday, the main force of Shanghai copper opened at 50470 yuan / ton in the morning, and the copper price rose rapidly after the opening, but with the decline in the multi-flat short market, after a short adjustment, the copper price rose from 50420 yuan / ton, all the way up, climbing the high point of 50660 yuan / ton, and closing at 50600 yuan / ton
at midday.
At the beginning of the afternoon, the market fell rapidly, testing the intraday low of 50290 yuan / ton, at this time the short profit exited, copper prices rebounded upward, and finally closed at 50500 yuan, up 130 yuan / ton, up 0.
26%.
In terms of external disk, Apanlun copper opened at 6305 US dollars / ton, and after the long-short game London copper adjusted around 6294 US dollars / ton
.
In the afternoon session, bulls left the market to the downside, testing the intraday low of $6253.
5 / ton, but the low soon repaired
upward.
Entering the European session, bulls increased their positions and entered, and London copper rose sharply to break through 6300 US dollars / ton again, testing the intraday high of 6332.
5 US dollars / ton
.
However, the high led the bulls to take profits and leave the market, and London copper gave up its gains slightly
.
As of 17:00, London copper closed at $6312/ton, up $15/ton, or 0.
24%.
In the market, Shanghai copper maintained a high level and fluctuated at 50,600 yuan / ton
.
Approaching the delivery cycle, speculators favor low-priced sources, and the morning market quotation is 10 ~ 30 yuan / ton, and the market is not yet attractive
.
Speculators follow the trend to lower prices, the quotation is reduced to flat water ~ liter 10 yuan / ton, the price pressure still has room for amplification, about ten points, flat water copper can be pressed to discount 10 yuan / ton to receive goods, good copper pressure price limited to maintain at premium 10 ~ liter 20 yuan / ton
.
Downstream bargain buying, wet copper slightly narrowed from the previous day to a discount of 80 ~ 60 yuan / ton
.
The market continues to show the characteristics of strong and weak in the emerging period, and the fear of heights continues to ferment, inhibiting market consumption, but as the delivery period approaches, the basis of the next month continues to narrow, which limits the space for water expansion to a certain extent, but the market supply is still loose, and it is difficult
to raise the premium.
In the afternoon, base metals generally showed a pullback, copper fell to 50400-50500 yuan / ton range adjustment, the market willingness to receive goods increased, buying inquiries were positive, holders of quotations were able to stop falling and stabilize, flat water copper rose 10-20 yuan / ton, good copper premium 20-30 yuan / ton, the transaction price was lowered to 50410-50530 yuan / ton
.
Fundamentals, the epidemic in South America has not been effectively alleviated, the Chilean copper mine strike continues to ferment, workers are voting on whether to accept the final wage agreement or strike, the market has not effectively eased the tension of copper supply, supporting copper prices are still running high
.
Shanghai copper closed negative during the day, KDJ opening converged, but the bottom is still far from multiple moving averages, and copper prices still have room
to rise from a technical point of view.
Wait for the guidance of the external market to test whether the bulls can continue to exert force, supporting copper prices to continue to rush
up.
