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On Friday, the Shanghai copper 1610 contract opened at 37290 yuan / ton
.
After the opening of the US dollar strengthened, copper prices slightly higher and then retreated, low 37230 yuan / ton, then the 5-day line was supported, bulls launched an offensive, the copper price from the low back to the daily average, the end of the short position to help copper prices rise back
above the 10-day moving average.
The 1610 contract ended at 37390 yuan / ton, up 160 yuan / ton
.
The Shanghai copper test rose low during the day, the 10-day support was effective, the upper and lower moving averages gradually converged, and the center of gravity rose in the evening test
.
In terms of external trading, London copper opened at 4807 US dollars / ton, during the Asian session, London copper slightly tested the low and rebounded, and then fell back to the high level suppressed by the strengthening of the US dollar, fell below the intraday low and then the shock touched the daily average, driven by the rise of crude oil in the afternoon, London copper rushed to 4818.
5 US dollars / ton; Entering the European session, London copper with the high of crude oil, fell below the 5-day moving average and stabilized, as of 17:15, London copper reported 4976 US dollars / ton, down 0.
27%.
Intraday copper volatility lower, affected by the crude oil rush back down, bears pressure to test the lower support, close to the Bollinger band mid-band decline risk increased, focus on the 5-day line support
.
In the market, the Shanghai copper shock fell, the delivery source continued to flow, and the copper turned to the discount
in an all-round way.
The opening merchant tentatively reported a copper premium of 10 yuan / ton, but then gushed out a discount offer, so that the good copper premium fell directly to the discount of 10 yuan / ton, and the flat water copper discount of 40 yuan / ton
.
However, the active reduction of premiums by holders did not attract buyers, and even few inquiries were made
.
Therefore, after the first quarter of the market was closed, the quotation of good copper fell directly to the discount of 30 yuan / ton, and the flat water copper discount of 70-50 yuan / ton
.
Traders speculate in search of cost-effective sources
with large discounts.
The downstream returned to the market sporadically on Friday, as the market close to 37,000 yuan was more attractive
than before.
In the afternoon, the market rebounded, the current copper quotation continued to fall, discount 80-discount 30 yuan / ton, the seller's willingness to ship is strong, good copper discount fell extremely fast, the transaction price was 37120-37240 yuan / ton, with the expansion of discount, transaction activity gradually increased
.
