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On Thursday, the main contract of Shanghai copper 1912 opened at 47400 yuan / ton in the morning, and after the opening it fluctuated downward, the center of gravity remained stable around 47380 yuan / ton, the center of gravity continued to decline slightly by 20 yuan to 47360 yuan / ton in the second trading session, and the afternoon continued the downward trend of the center of gravity to around 47320 yuan / ton, and closed at 47360 yuan / ton, up 320 yuan / ton, or 0.
68%.
The main reason for the slight downward movement of intraday is still the news of the overnight crude oil inventory reduction and the strike at the mine end temporarily digested by the market, coupled with the current macro still no signs of improvement, copper prices are weak and the center of gravity has shifted
slightly downward.
At present, the Shanghai copper closed the long Yang column, which has stood above
all moving averages.
Externally, Apanlon copper opened at 5884.
5 US dollars / ton, yesterday due to the unexpected reduction of crude oil inventories, the recovery of crude oil to the copper price rushed to the high level to bring support, and the recent Chilean copper mine strike added another bit of tension to the market supply, copper prices basically maintained around 5880 US dollars / ton in the morning narrow range
.
Then entered the European market, floated down to a low of 5865.
5 US dollars / ton, and then announced that the French manufacturing PMI value was higher than expected, and the bulls increased their positions positively, which was good for copper prices, and the center of gravity of copper prices quickly moved up to around 5895 US dollars / ton, repeatedly testing
at 5900 US dollars / ton.
As of 17:00, London copper closed at $5894/ton, up 0.
35%.
Overnight crude oil soared, coupled with a number of Chilean copper mines joined the strike activity, Shanghai copper was guided by two favorable signals to rise to 47,300 yuan / ton, an increase of more than 300 yuan / ton
.
Copper prices are high to suppress market buying sentiment, and it is the trading day of the last monthly ticket before the tax stamp upgrade, and this month's long order has basically ended, and the morning market holders quote a premium of 30-60 yuan / ton
.
However, because no one responded, it was reduced to about 40 yuan / ton of good copper premium, and 10 ~ 20 yuan / ton of flat water copper premium, and the transaction improved
.
Higher copper prices have inhibited downstream cargo taking, and traders have abundant inventories, resulting in a weak
overall demand performance in the market.
In the afternoon, due to the continued high market prices and low willingness to receive goods, the market transaction in the afternoon was light, and holders continued to lower their quotations
under high inventory pressure.
