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On Wednesday, Shanghai copper stopped falling and rebounded, the central bank net investment of 90 billion yuan in the open market during the day, under the protection of the central bank's continuous net investment, the tight situation of capital was slightly eased, 5-year and 10-year treasury bond futures rose, overnight shibor temporarily ended the rally, unchanged from yesterday, and the technical pullback of the dollar index to 103.
5 also played a role
。 First of all, the Shanghai copper 1702 contract opened at 45070 yuan / ton, after the opening of a large number of bears to cover a large number of push, pushing up copper prices to a high of 45420 yuan / ton, but after the big rise bulls quickly retreated, Shanghai copper fell back, back to the daily moving average to get support, in the afternoon, copper prices fluctuated back up, closing at 45330 yuan / ton at the big white line, up 360 yuan / ton
.
Shanghai copper stopped falling and rebounded, daily moving average support performed well, and it is expected that short-term copper prices will run at 45150-45500 yuan / ton
.
Externally, the US dollar index high pulled back to 103.
05, London copper opened above the 40-day moving average of 5520 US dollars / ton, continued to rise after the open, recorded a high of 5559.
5 US dollars / ton, after the rise the bulls withdrew sharply, copper prices fell back down, broke through the daily moving average, gave up most of the gains, rose again to 5548 US dollars / ton in the afternoon, bulls closed their positions at a high level, copper prices fell again, It reached as low as $5515.
5 tonne, supported by the 40-day moving average, and as of 17:55, London copper was reported at $5542/ton
.
Industry: China's exports of unwrought copper, including copper alloys, hit their lowest level since January in November
, according to data released by the General Administration of Customs.
China's exports of unwrought copper in November were 10,552 tonnes, just over half
of the same period last year, data showed.
However, China's unwrought copper exports from January to November were 399,402 tons, more than double the same period last year, mainly due to the profitability of exports in several months of the year, and the concentrated delivery of several large traders and domestic smelters led to a sharp increase
in exports.
Bambang Gatot, director of coal and minerals affairs at Indonesia's mining ministry, said the ministry expects Indonesia's copper production to rise to 710,000 tonnes in 2017
.
The message is empty
.
In terms of market: Shanghai copper stopped falling and rebounded, attracting some downstream bargain hunters to buy goods, narrowing the discount range of copper to a certain extent
.
Holders still have the willingness to exchange cash, but subject to the lack of speculative buying at the end of the year, it is difficult to reduce prices, and the number of closing companies is increasing, so the strength of dumping is gradually weakened, and the market is once again in a state
of supply and demand tug-of-war.
In the afternoon session, the market shipments decreased, the quotation also decreased accordingly, the spot discount narrowed, flat water copper reported a discount of 230 yuan / ton - 190 yuan / ton, good copper premium continued to be strong, reported a discount of 180 yuan / ton - discount 120 yuan / ton, the transaction price was reported at 44870 yuan / ton - 45060 yuan / ton, downstream procurement has rarely improved, the market supply and demand tug of war continues
.
It is expected that the year-end characteristics will continue to ferment.
On the whole, near the end of the year, there is a demand for funds to withdraw and spot dealers continue to discount in the expectation of increasing before the year, and copper prices are difficult to rise
sharply in the short term.
Supply and demand fundamentals have not changed much, Indonesia has raised its 17-year copper mine production, due to its small size, the overall copper supply has little impact
.
In terms of spot, holders still have the willingness to exchange cash, but subject to the lack of speculative buying at the end of the year, it is difficult to reduce prices, and the number of closing companies is increasing, so the dumping force is gradually weakening, and the market is reappearing in a state
of supply and demand.
It is expected that the light market will continue
at the end of the year.
