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On Monday, the main 1807 contract of Shanghai copper opened at 51040 yuan / ton, quickly crossing the daily moving average at the beginning of the session, recovering yesterday's losses
.
After touching the height of 51500 yuan / ton, the upward momentum was insufficient and slowly fell back to 51304 yuan / ton
.
Later, with another wave of bulls, the plate rose steadily, hindered at 51520 yuan / ton
.
In the afternoon, the center of gravity moved down, and the shock ran at 51450 yuan / ton line
.
The end of the trading was light, the shock continued, closing at 51370 yuan / ton, up 130 yuan / ton
.
In the external market, London copper opened at 6841.
5 US dollars / ton, falling slightly at the beginning of the session, testing lower 6829 US dollars / ton
.
After the Asian market opened, following the strong upward trend of domestic sentiment, crossing the daily moving average to touch 6879 US dollars / ton
.
The overall operation is above the daily moving average, oscillating along the $6870/ton line
.
During the period, the pressure of 6880 US dollars / ton was obvious, and the upburst failed many times
.
Entering European time, the dollar once broke through 94 points, touched a high of 94.
050, and the metal pressure fell, testing down at $6854 / ton, and rushing
straight after a short finish.
After touching the high of 6899 US dollars / ton, the upward momentum was insufficient again, with the LME copper inventory increasing for four consecutive days, reporting an increase of 1425 tons within the day, and copper prices slowly declined
.
In terms of the market, Shanghai electrolytic copper spot contract discount of 50 yuan / ton - premium 20 yuan / ton, flat water copper trading price 51140 yuan / ton - 51240 yuan / ton, liter copper trading price 51180 yuan / ton - 51300 yuan / ton
。 The Sino-US trade war reached a consensus, risk appetite declined, non-ferrous metals rebounded across the board, Shanghai copper rose to around 51300 yuan / ton, bullish sentiment made the willingness of holders to hold prices enhanced, the morning market good copper is reported premium, and good copper in the premium of about 10 yuan / ton transaction, and then in the morning session there was no discount quotation, flat water copper self-discount 30 yuan / ton quotation reduced to 50 yuan / ton, the transaction is obviously not as good copper
.
After the copper price stood firmly at 51,000 yuan / ton, the market was still cautious on Monday, the trade activity was insufficient, the downstream continued to purchase just demand, and the market continued to show the characteristics
of supply and demand.
In the afternoon session, the holder was undercut by the trader, and the transaction was lowered to a discount of 80 ~ 70 yuan / ton, and the price of good copper was still high due to long orders and speculative demand, and the overall market activity was general
.
The news of a ceasefire in the intraday trade war boosted market sentiment, bulls increased their positions, and copper prices moved
upward.
However, the continuous strengthening of the US dollar still strongly pressed copper prices, and the pressure on the line of 51,500 yuan / ton was heavy, and many times the upward rush was unsuccessful
.
Overall, the trend is bullish, but due to the strengthening of the US dollar, the upward momentum is still insufficient
.
It is expected that the pressure level of 51,500 yuan / ton will continue to rise in the evening, and pay attention to the trend guidance
of London copper.
