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On Thursday, the main force of Shanghai copper was changed to the 1907 contract, and the overall amplitude remained within
120 yuan / ton.
In the morning, the 1907 contract opened at 47580 yuan / ton, opening to test the upper daily moving average, but failed to break through, bears took the initiative to enter the market, copper price center of gravity slowly moved down to 47580 yuan / ton line, during the period to test 47550 yuan / ton
.
In the afternoon, driven by the external disk, Shanghai copper once again tested the daily moving average, the overall center of gravity moved up to the 47630 yuan / ton line, during the period repeatedly broke through the daily average and tested 47670 yuan / ton, the end of the session price fell slightly, closing at 47560 yuan / ton, down 350 yuan / ton, down 0.
73%.
In terms of external trading, Asian market, London copper opened at 6140 US dollars / ton in the morning, and after the opening performance was short-term down 6115.
5 US dollars / ton, the center of gravity remained near the daily moving average of 6133 US dollars / ton, the morning amplitude did not exceed 22 US dollars / ton, and the concentrated transaction was at 6127 US dollars / ton
.
Then entered the European market, after continuing the volatile pattern at the beginning of the session, as the dollar began to rise sharply, copper prices fell under pressure, after testing down 6099 US dollars / ton, the low level recovered, as of 17:00, London copper reported 6115 US dollars / ton, down 18 US dollars / ton
.
In terms of the market, the contradictions and conflicts between China and the United States have intensified again, causing market concerns, London copper continued to fall in a broken position, domestic Shanghai copper performance resisted the decline, Shanghai copper fell to 47600 yuan / ton first-line sorting, copper prices did not see a clear stop signal, the market fear of decline sentiment, and the Shanghai ratio rose, import profit window opened, so that holders were forced to increase the selling force, the market cash willingness is strong and obvious
.
Copper prices fell, downstream fell only to maintain rigid demand, traders did not see speculative bargain receipts
.
Supply continues to be abundant, demand does not improve, macro bearish pressure makes the market generally cautious, and the hindrance of transactions makes it difficult to sustain
spot discounts.
In the afternoon, the price rebounded, the price recovery made the market transaction continue to remain light, although the holder is eager to ship, but also unwilling to significantly reduce the quotation, so the quotation still maintained the morning level
.
In the afternoon, flat water copper reported a discount of 10-flat water yuan / ton, good copper reported a premium of 80-90 yuan / ton, and the transaction price was in the range of 47530 yuan / ton - 47680 yuan / ton
.
Since March, global trade protectionism has risen, "Dr.
Copper" as a global economic vane, market investment cautious, which has aggravated the weakness of copper prices this year
.
Although the EU, Mexico and Canada are still in the stage of imposing tariffs on each other with the United States, the trade relationship between China and the United States has eased, and copper prices have been reflecting the uncertainty of the trade situation for nearly three months, so the impact is gradually weakening
.
