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On Friday, the main 1709 contract of Shanghai copper opened at 47,000 yuan / ton, the copper price fluctuated around the opening price at the beginning of the session, as the bulls increased their positions, the center of gravity of copper prices slowly moved up, touching as high as 47210 yuan / ton, and after a brief pullback at the end of the day, it closed at 47160 yuan / ton, down 160 yuan / ton
.
Shanghai copper runs smoothly during the day, the shibor interest rate falls across the board, the capital is abundant, and the 5 and 10-day moving averages below are adhered to the support, and the short-term may continue to fluctuate
at a high level.
In terms of external trading, London copper opened at 5873.
5 US dollars / ton, after a short stay near the daily moving average after the opening, the center of gravity of copper prices gradually moved up, the high recorded 5890 US dollars / ton, copper prices in the afternoon pullback, recovered some gains, as of 17:05, London copper reported 5882 US dollars / ton
.
During the day, London copper first rose and then declined, the lower average line adhered, in the short term or high volatility trend, there is still room
for growth.
Watch for US June CPI, retail sales and industrial output
.
In terms of the market, Shanghai copper under pressure of 47,000 yuan / ton for narrow adjustment, the price difference fluctuates greatly in the next month, when the price difference expands to 160 yuan / ton, good copper premium remains at about 100 yuan / ton, the second trading session, the price difference narrows slightly to 130 yuan / ton, good copper premium drops slightly to 80 ~ 90 yuan / ton
.
Over the weekend, it faced a copper price adjustment, downstream buying interest increased slightly, bargain buying increased, flat water copper favor was higher, but the activity of middlemen declined, holders took advantage of the premium state before delivery, accelerated cash exchange, quotation more, loose supply, good copper transaction is inferior to flat water copper
.
In the afternoon session, the plate rose, the basis narrowed in the next month, the good copper premium fell to about 80 yuan / ton, flat water copper was traded at 40-50 yuan / ton, the quotation was reduced, the inquiry response was few, and the characteristics of the weekend were fully revealed
.
On the news front, U.
S.
Treasury yields rose on Thursday after falling for three consecutive days, following the rise in German bond yields, and solid economic data from the United States supported the strengthening
of yields.
On Thursday, Federal Reserve Chairman Janet Yellen testified
before the US Congress on the US economy for the second day in a row.
Her speech to the Senate Committee on Banking, Housing and Urban Affairs was largely consistent with her speech in the House on Wednesday, when she said the Fed's plans for further gradual rate hikes and slow balance sheet reduction remained on track
.
China's stronger-than-expected trade data for June boosted the dollar's gains
.
The dollar climbed against a basket of currencies
.
Three-month LME copper closed down 0.
5 percent at $
5,875 a tonne.
The main 1709 contract of Shanghai copper fell slightly during the day, closing at 47160 at the end of the day, and the short-term high was around
48500.
Therefore, if there is no position to continue to go long, the current price can continue to add long orders
at night.
Wait for the price to break.
