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Today's copper market low volatility, Shanghai copper main force 1706 morning after the opening slightly fell below the daily average, and then from the lowest point of the shock rose above the daily moving average, and peaked, the domestic second opening after the maintenance of shock finishing, and finally closed at 45840 yuan, down 450 yuan, down 0.
97%, the position decreased by 2872 hands to 256132 lots
.
Externally, today's LME March copper volatility rose
.
After opening at $5596 in the morning, it bottomed slightly at $5592.
5, then rebounded higher, rose impulsively to a maximum of $5675.
5 and gradually retreated, closing at $5644.
5 during the domestic trading session
.
In the spot market, today's market is still weak in supply and demand
.
With the tightening of the supply side, spot premiums rose further, and traders continued to be bullish on premium brick removal activities
.
Downstream manufacturers purchase on demand as prices fall
.
The afternoon premium rose from the morning, good copper reported at B100-B130 yuan / ton, flat water copper B50-B90 yuan / ton, wet copper B30-B40 yuan / ton or so
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders hold a downward view, and a small number of traders hold an upward view
.
In terms of news, the black series continued to stage a sharp decline, and non-ferrous metals followed the decline, completely ignoring the sharp rise
in copper premium.
The recent macro bearishness, the geopolitical risks dominated by North Korea have intensified, and the early election in the United Kingdom has increased the market's concerns about risks, risk aversion has intensified, gold prices have risen, and non-ferrous metal prices are under pressure to the downside, but from the perspective of inventories, copper inventories have been decreasing, which can also indicate the market's concerns
about the future political situation.
The tight monthly flow of corporate funds, coupled with the tightening of monetary policy during the central bank's financial deleveraging, has led to the current pressure on commodity prices
.
At present, the market is in a pattern of supply and demand, spot premiums continue to rise sharply, and traders are actively
moving bricks due to bullish premiums.
A small amount of bargain hunting downstream purchases, but due to the tightening of the supply side, the overall market trading is light
.
From a technical point of view, the Shanghai copper 1706 contract, the daily level, the MA moving average short arrangement, the daily K line forms a long foot black line, indicating that the short-term continued decline space is not large, the bull game is relatively fierce
.
It is expected that short-term copper prices will continue to be dominated by weak volatility in the box
.
