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Shanghai copper rose slightly on Friday, because according to intraday data, except for Hubei, due to the greater control of the number, the number of new cases did not increase significantly, the initial effect appeared, boosting Shanghai copper slightly higher, but the upward rush above the 46,000 yuan / ton mark is still weak, mainly reflected in the market's concern
about the economic slowdown caused by the postponement of rework 。 At the same time, close to delivery, the current price difference has widened to about 240 yuan / ton, and due to the small downstream start of copper in the week, the market consumption is extremely weak, the weekly warehouse receipt has increased by about 50,000 tons, the weekly inventory has also increased by about 56,000 tons, the overall supply side pressure is still large, but also one of the factors limiting the price of
copper.
In terms of external trading, the morning of the day Apanlon copper opened low at 5774.
5 US dollars / ton, soon after the opening of the short touch of the intraday low of 5765 US dollars / ton, then the price center of gravity has been repaired, back to around 5785 US dollars / ton, the high reached 5794 US dollars / ton
.
Entering the European market, the center of gravity was basically maintained at the beginning of the session, but then as Bank of England Governor Carney said that Brexit had hurt productivity growth, the pound fell sharply, and the outside market followed the decline, giving up the morning gains
.
As of 17:00, London copper closed at $5,767 / ton, down 0.
31%.
In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 10 ~ 30 yuan / ton for the current month, the transaction price of flat water copper was 45610 yuan / ton ~ 45660 yuan / ton, and the transaction price of premium copper was 45630 yuan / ton ~ 45690 yuan / ton
。 Shanghai copper slowly rising, the center of gravity slightly upward, the next month price difference expanded to 220-240 yuan / ton, spot market morning market quotation full premium, good copper premium 30-50 yuan / ton, flat water copper premium 10-20 yuan / ton, but limited buying, large shipments, in the first price adjustment of individual traders, holders have followed the quotation, good copper gradually dropped to a premium of about 20 yuan / ton, flat water copper can initially still top the flat water line, but the consignee's buying target is the discount price, in order to promote the delivery of the holder helplessly reduced to a discount of 10 yuan / tons or so
.
The widening of the spread every other month before delivery is the main reason for
the higher spot quotation of discount to premium.
However, due to the large volume of goods, it is still difficult to significantly increase and improve the volume of goods, and the premium may be short-lived
.
After the delivery month next week, the delivered goods will have to gradually flow into the market, and the spot will probably remain at a discount
.
The afternoon copper range volatility unchanged, the low center of gravity continued to move up, the upper stopped at the high price in the morning, the spot quotation remained unchanged, the flat water copper quotation discount 10 yuan / ton to flat water, good copper premium 10-20 yuan / ton, the transaction price was 45640-45670 yuan / ton
.
Intraday Shanghai copper main contract 2003 opened at 45870 yuan / ton in the morning, the opening gap opened high, and then winding around the daily moving average oscillation, the center of gravity remained stable around 45850 yuan / ton, during which the trial broke through the 46000 mark, but the highest point of kinetic energy rushed to 45940 yuan / ton, the overall copper price hovered above the daily moving average in the afternoon, the center of gravity fluctuated in a narrow range between 45850-45920 yuan / ton, and closed at 45930 yuan / ton, up 220 yuan / ton, or 0.
48
。
