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On Thursday, after the main force of Shanghai copper opened at 46,100 yuan / ton, the center of gravity sank to 46,050 yuan / ton and the line was sideways, basically maintaining the daily moving average
.
In the afternoon, industrial products took the lead to decline, bulls' confidence was shaken, and they all reduced their positions and left the market, and the main force of Shanghai copper gave up some of its gains, quickly falling back to the 10-day moving average of 45800 yuan / ton, closing at 45810 yuan / ton, up 310 yuan / ton
.
The trading volume of the main contract increased by 38,000 lots to 232,000 lots, and the position fell by 7,964 lots to 198,000 lots
.
An upward gap is formed, and the candlestick is in an inverted hammerhead pattern, suggesting that the upward willingness of copper prices is passive
.
The evening news is relatively light, the main force of Shanghai copper or follow the performance of London copper, the bottom 20-day moving average is temporarily safe, looking for an opportunity to go up to 46,000 yuan / ton
.
In terms of external trading, London copper opened at 5741.
5 US dollars / ton, briefly touched 5775 US dollars / ton at the beginning of the session, and then fell back to 5735 US dollars / ton consolidation operation, early trading is light
.
In the afternoon, London copper weakened slightly to test the 20-day moving average of 5690 US dollars / ton first-line support, into the European and American session, London zinc pulled up strongly, London copper was boosted to recover some of the decline, as of 17:00, London copper reported 5755 US dollars / ton, up 31 US dollars / ton
.
In terms of the market, Shanghai copper rebounded, the fluctuation range during the copper period was only within 50 yuan / ton, some hedging orders were trapped, the holders were forced to maintain yesterday's discount level shipments, flat water copper and good copper only 10-20 yuan / ton price difference, conducive to good copper transactions, wet brand is also abundant, the market first appeared next month's bill supply, and the current month's note price difference is not obvious, middlemen due to insufficient discount wait-and-see, downstream on-demand delivery, transaction activity decreased
compared with yesterday 。 The afternoon discount did not change much compared with the morning, there were few inquirers, and the receipt was more rare, the transaction price of flat water copper was 45580 yuan / ton - 45840 yuan / ton, and the transaction price of premium copper was 45600 yuan / ton - 45870 yuan / ton
.
In terms of news, the strike time of the free port Indonesian copper mine was extended by one month, supply worries are difficult to solve, the recent weakening of the US dollar supports the recovery of copper prices, the World Bureau of Metal Statistics released data showing a shortage of 5,000 tons of copper market from January to April, and a slight shortage of supply may continue
.
Shanghai copper's performance has stabilized, and it is still maintained above 46,000 yuan with slight fluctuations, but the position data shows signs of a slight reduction in positions, and the bulls' confidence is slightly insufficient, focusing on whether it can break through the resistance of the upper 60-day moving average of 46,000 yuan, and it is expected that Shanghai copper will temporarily stabilize.
