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On Monday, the main 1809 contract of Shanghai copper opened at 49420 yuan / ton, and the short position increased at the beginning of the session, and the copper price fluctuated down to a low of 49210 yuan / ton, and then a small number of long positions entered the market, and the copper price briefly consolidated
along the 49320 yuan / ton line.
In the afternoon, short more exits, the center of gravity of copper prices moved slightly down to 49250 yuan / ton, the shock ran to the end of the session, the lowest during the period to 49160 yuan / ton, closed at 49300 yuan / ton, up 90 yuan / ton
.
In terms of the external market, London copper opened at 6156 US dollars / ton, briefly rushed up to 6180 US dollars at the beginning of the session, and then fell back, and rebounded after 6146 US dollars / ton, around the daily moving average, in the afternoon, the dollar rose, copper prices came under pressure, and accelerated the decline after entering the European market, stopping at 6110 US dollars / ton, 6100 US dollars still supported, as of 17:00, London copper reported 6118.
5 US dollars / ton
.
In terms of the market, Shanghai copper fluctuated in a narrow range above 49,000 yuan / ton, the RMB has depreciated to more than 6.
9 on Friday, imported copper imports are under pressure, it is difficult to have a predictable source of goods into the market in the short term, holders maintain a further price trend, the morning market continued last Friday's quotation premium 50 ~ 80 yuan / ton, active inquiry, active transactions
.
Holders took the lead in raising copper to 90 yuan / ton, good copper trading gradually cooled down, the market turned to increase the level of flat water copper quotations to 70 yuan / ton, buying to maintain enthusiasm, wet copper quotation flat water ~ 30 yuan / ton, downstream buying is limited
.
The source of low-premium water is still attractive, and most of the recipients are traders, and the price difference in the next month is in the range of 100~110 yuan / ton, and the short-term spot premium directly tends to the level
of 100 yuan / ton.
In the afternoon, the market fell slightly, the supply of goods is small, the willingness of the holders to raise the price is strong, although the inquiry atmosphere is positive, but the market is difficult to find low-priced sources, the price is high, the transaction is still dominated by traders, but the activity is lower
than in the morning.
In terms of news, on Friday, the central bank decided to increase the foreign exchange risk reserve ratio of forward foreign exchange sales business from 0 to 20%, mainly to curb the pressure of further depreciation of the RMB, as soon as the policy came out, the offshore RMB rose to about 6.
83, and the market rebounded slightly and then fell, and is currently stable at 49,300 yuan / ton
.
It is expected that copper prices will continue to fluctuate in
the short term.
At present, in addition to the macro trade war, how the central bank stabilizes the exchange rate and promotes growth has become the second largest concern, which plays a certain guiding role
in the future trend of copper prices.
This week, the copper mine strike entered the government-mediated stage, and the risk of a strike remains
.
Stay tuned for guidance
on further information.
