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Last Friday, the main Shanghai copper contract 2005 opened as high as 39,650 yuan / ton in the morning, and fell slightly to the lowest level of 39,440 yuan / ton
after the open.
Subsequently, the bears reduced their positions one after another, pushing copper prices up slowly until they returned to the opening price, and fell slightly before the end of midday
.
In the afternoon, commodities mostly opened an upward trend led by crude oil, and the long increase led copper prices to continue to rise, pushing all the way to around 40,000 yuan, near the close, copper prices climbed to the highest level of the day of 40120 yuan / ton, and fell slightly before the close, closing at 39930 yuan / ton, up 810 yuan / ton, up 2.
07%.
In terms of external trading, the Asian market opened at 4880 US dollars / ton in the morning, in the morning as Russia and Saudi Arabia refuted the news of Trump's production cuts, oil prices recovered some of the gains within the day, copper prices also basically maintained a range-bound pattern in the Asian market, although it touched a low of 4871 US dollars / ton in the morning, but mostly sorted out above the daily moving average, and the upper part was blocked at the $4900 mark
。 In the afternoon, as the OPEC meeting was about to be faced at the beginning of next week, the market expected a strong follow-up crude oil production cut, and crude oil once again began to pull up, driving the bulk market to a large area of red, copper prices also rose in the afternoon, breaking through the $4900 mark in one fell swoop and reaching the $4936.
5 / ton mark
.
In terms of the market, the center of gravity of Shanghai copper moved up and rebounded above 39600 yuan / ton, the quotation of holders continued the trend of the previous day, the morning quotation was 130 ~ 150 yuan / ton, the copper price rebounded The market stopped and watched, the holder still held the price above 130 yuan / ton, and the supply and demand sides were deadlocked
.
Although copper rebounded briefly, the market still performed cautiously, the downstream maintained rigid demand, the market transaction was more wait-and-see, Qingming three-day holiday, the market cautious stalemate characteristics are obvious, the overall activity is low risk aversion
.
In the afternoon, the market rushed close to 4 yuan
.
Although the spot market is still active, but the actual market is still cautious, the quotation is stable at flat water copper premium 120-130 yuan / ton, good copper premium 130-140 yuan / ton, the transaction price has jumped to 40,000 yuan about 39880-40100 yuan / ton
.
Shanghai copper continued to rally during the day, the domestic announcement in the morning March Caixin service industry PMI was better than expected, and the domestic Ministry of Finance issued a new special bond quota in advance for transportation infrastructure construction, market confidence was boosted, superimposed copper spot market has greater expectations for domestic fiscal policy tax cuts and fee reductions, electrolytic copper spot market trading is active, boosting copper prices; At the same time, due to the impact of the overseas epidemic in copper mines, the Peruvian government extended the state of emergency, the Mexican government also declared a state of emergency, and Rio Tinto also announced that its refinery cathode copper shipments encountered force majeure, which overall triggered the market's expectation of tight supply at the mine end, which is also one of
the main factors driving the rise in copper prices.
