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On Friday, the main 1704 contract of Shanghai copper opened at 48490 yuan / ton, after the opening of the long and short game fierce, copper prices around the daily average of 48650 yuan / ton repeated consolidation, consolidation touched as high as 48960 yuan / ton, the upper blocked at the integer mark, in the afternoon, as the dollar index rose to around 100.
67, and the black series continued to fall to lead, Shanghai copper bulls closed sharply, copper prices fell back to the daily moving average below consolidation, near the 10-day moving average to get support, at 48360 yuan / ton closed at the small black line, Fell 610 yuan / ton
.
The center of gravity of Shanghai copper shifted down again during the day, and the long profit orders accumulated in the previous period flowed out, and the trend of Shanghai copper was weak, continuing to test the support
of the 10-day moving average.
In terms of external trading, London copper opened at 5984 US dollars / ton, long and short competition during the Asian session, copper prices around the daily average of 6008 US dollars / ton repeated testing, intraday touch to 6038 US dollars / ton, above subject to the 5-day moving average can not be reversed, in the afternoon with the strengthening of the US dollar, London copper short-term fell back to 5970 US dollars / ton after trying to counter-draw, the European session under pressure on the daily moving average continued to fall, gradually away from the daily average, after gaining support near the 10-day moving average, began to consolidate around 5973 US dollars / ton, as of 17 :30, London copper reported 5968 US dollars / ton.
The center of gravity of intraday copper moved down again, the lower 10-day moving average temporarily showed support, pay attention to the leading indicators of the US Conference Board in January, the expected data is good, the dollar may strengthen again, the Shanghai copper trend is weak, pay attention to the support
near the 10-day moving average.
In terms of the market, Shanghai copper fell slightly, the market supply is still mostly low-end supply, the price difference between flat water copper and good copper has widened to more than 200 yuan / ton, the quotation of wet copper large discount is more than 400 yuan / ton, speculators have reduced their operating space, market supply pressure has increased, good copper affected discount has also declined, transaction activity has declined, and trading tends to be rational
.
In the afternoon period, the discount continued the trend of expansion, flat water copper expanded to discount 270 yuan / ton - discount 220 yuan / ton, premium copper quotation discount 180 yuan / ton - discount 80 yuan / ton, market trading is not active, it is expected that the market discount will continue to show an expansion trend
.
In terms of industry, sources said that Anglo-American Group plans to "redesign" its El Saldado mine in Chile and is currently pushing Chilean government regulators to approve the plan, which could mean a suspension of production at the mine, which produced 36,000 tonnes
of copper in 2015.
In terms of inventories, LME stocks fell by a total of 11,475 tons to 237,000 tons this week, and the LME spot market continued to expand this week, with the weekly average LME spot discount at $13.
81, expanding from last week's discount of $14, and the LME spot market is still weak
.
From a technical point of view, after the copper price breaks through the early shock range, there is still room for rebound, such as a pullback in a short period of time, you can still choose the opportunity to buy, and the transaction is still dominated by buying on the dip
.
