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On Friday, the main 1704 contract of Shanghai copper opened at 48030 yuan / ton, the US dollar index pulled back slightly, commodities rose collectively, long and short positions were closed at the beginning of the session, Shanghai copper around 48040 yuan / ton consolidation, intraday low to 47870 yuan / ton, short positions increased in the afternoon, Shanghai copper low rose, broke through the shackles of the daily moving average, touched as high as 48330 yuan / ton, high led to long profit, Shanghai copper closed at 48270 yuan / ton at the small black line, down 430 yuan / ton
.
Shanghai copper rebounded slightly during the day, narrowing the overnight decline, but the rally was significantly inferior to aluminum, nickel and other varieties
.
In terms of the external market, London copper opened at 5918 US dollars / ton, the Asian market began to compete for long and short, London copper stopped around 5924 US dollars / ton after the bulls began to retrace, copper prices retraced, the low recorded 5901 US dollars / ton, downward test the support of the 40-day moving average, after confirming the support, with the support of the US dollar pullback, the bears made up for the low, copper prices fluctuated back up, broke free from the shackles of the upper daily moving average, all the way up to 5950 US dollars / ton, subject to the pressure of the Bollinger Road mid-band, fell back to the daily moving average again, as of 17 :30, London copper reported $5928/ton
.
On the macro front, the press conference of the Fifth Session of the 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC) on Thursday afternoon heralded the official opening of the National Two Sessions, the market waited for the guidance of the two sessions, and base metals were weak and volatile
.
Abroad, affected by the continuous shutdown of the two major copper mining companies, global copper supply tightened, but due to the weak recovery on the demand side, coupled with the Fed's interest rate hike comments to boost the US dollar again, copper market sentiment was suppressed, copper prices slightly pressured
.
In terms of the market, Shanghai copper fell by about 500 yuan / ton, holders have narrowed the quotation of copper discount, middlemen in addition to the long-term order delivery demand into the market to receive, after gradually entering the March delivery cycle, based on the narrowing of the discount and the narrowing of the basis in the future, speculators are also more active in receiving goods, the market recently showed the first signs of flat water copper trading better than good copper, wet copper due to the gradual reduction of the source of goods discount narrowing obviously, quotation discount of about 300 yuan / ton transaction is good, active buying increases
.
Downstream on-demand sporadic market entry, transaction has improved
.
In the afternoon session, the market was higher, the holders continued to charge low discount flat water copper, flat water copper quotation continued to narrow to discount 190 yuan / ton - discount 150 yuan / ton, good copper quotation flat in the morning quotation discount 150 yuan / ton - discount 100 yuan / ton, the transaction price rose to 47660 yuan / ton - 47900 yuan / ton
.
In the short term, there is still no lack of good news in the copper market, important data is conducive to maintaining optimistic expectations for peak season demand, and the copper mine strike seems to be far from over, short-term supply problems will still become the main support for the copper market, with the gradual start of demand, copper prices are expected to rise
further.
