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On the last trading day last week, the main 1705 contract of Shanghai copper opened at 47970 yuan / ton, with the two markets both opened high, Shanghai copper rushed to 48080 yuan / ton under the pull of long positions, subject to the daily moving average can not continue to rise, and then long short-term operation, copper prices under pressure on the daily average at 47940 yuan / ton oscillating consolidation, in the afternoon, a small number of Shanghai copper short market entered, a large number of long positions closed out, copper prices leaked sharply, probed down to 47660 yuan / ton, paid near the 5-day moving average, The end of the day slightly repaired upward, closing at 47740 yuan / ton at the long black line
.
Shanghai copper pullback, the medium track temporarily showed pressure, the central bank accumulated a net withdrawal of 120 billion yuan during the week, the shibor interest rate was adjusted across the board, the trend of tightening on the capital surface was inevitable, and the Shanghai copper index showed a net outflow
.
In view of the return of London copper during the European session, it boosted Shanghai copper, but the higher dollar also restrained copper prices, or showed a volatile trend
.
In terms of external trading, London copper opened at 5899.
5 US dollars / ton, after the opening of London copper short-term rushed to 5912.
5 US dollars / ton, and then fell back to the daily average of 5899 US dollars / ton around consolidation, the afternoon metal fell sharply, copper prices fell sharply, the low recorded 5863 US dollars / ton, downward test the support of the 5-day moving average, confirm the support after recovery, after a slight consolidation below the daily moving average, break free from the shackles of the daily average, as of 16:55, London copper reported 5893 US dollars / ton
。 After the Dutch election was settled during the European session, the market sentiment was more optimistic, focusing on the US industrial output in February, the leading indicators of the Conference Board of Commerce and other data, the expected data are good, the dollar continues to rebound the trend, or put pressure
on copper prices.
In terms of the market, the Shanghai period copper flat plate sorting, the current copper discount slightly narrowed, some holders of the stock replenishment demand, into the market to absorb part of the low-price sources, the market maintained a strong trend, lack of operating space for value preservation, speculators enthusiasm decreased, the market wet copper source gradually decreased, and the price difference with flat water copper significantly narrowed, downstream on-demand delivery, the transaction atmosphere is general
.
In the afternoon session, the market was lower, the quotation of the cargo holder was firm, the flat water copper newspaper discount 230 yuan / ton - discount 200 yuan / ton, the premium copper newspaper discount 180 yuan / ton - discount 120 yuan / ton, due to the narrowing of the discount, transaction difficulties, speculators enthusiasm further reduced
.
In terms of news, after the Fed raised interest rates, the People's Bank of China raised SLF, MLF and reverse repo rates across the board, but the market task, this move is not a disguised interest rate hike, to observe whether to raise interest rates depends on whether to adjust the benchmark interest rate of deposits and loans, and the rise in the winning interest rate is not a rate
hike.
Too many
messages.
On the whole, the interest rate hike has landed, the price has gradually returned to fundamentals, and the Chilean and Peruvian copper mine strikes will still support copper prices to continue to rise
in the demand season.
In terms of spot, the enthusiasm of speculators has decreased, and the downstream receives goods on demand, and the transaction atmosphere is average
.
