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On Thursday, the main 1703 contract of Shanghai copper opened at 46520 yuan / ton, after the opening in the support of the 40-day moving average, bears have closed their positions, and with the influx of bulls, copper prices rose sharply to 46880 yuan / ton, and the afternoon session of bulls closed out, copper prices pulled back, closing at 46730 yuan / ton at the small white line
.
Copper in Shanghai during the day fluctuated in a narrow range, and it was close to the Spring Festival, and it was expected that the copper price in the later period would be
mainly light consolidation.
In terms of external trading, London copper opened near the 10-day moving average of 5760 US dollars / ton, a large number of bears during the Asian session to cover up, copper prices pushed up sharply, copper prices fluctuated upward away from the daily average, in the high of 5785 US dollars / ton around the shock consolidation, recorded a high of 5793.
5 US dollars / ton, the high stimulated long liquidation, copper price shock pullback, low broke through the daily average, the European session continued to test, as of 17:15, London copper reported 5762 US dollars / ton
.
Intraday copper closed in a narrow range, wary of the return of the dollar, but investors performed steadily, and the market may still be caught in range-bound volatility
.
On the macro front, the US CPI hit a two-and-a-half-year high in December, and inflation data heated up expectations of interest rate
hikes.
At the same time, the Fed's Beige Book sees an upturn in U.
S.
manufacturing and an optimistic
labor market.
The Fed's two fancy, inflation and employment, are both positive, supporting the possibility of
three rate hikes within the year.
In addition, Yellen's hawkish speech boosted the dollar
.
The US dollar recovered its decline, stopped falling and rebounded, and then suppressed the trend
of commodities such as copper and aluminum.
In terms of the market, Shanghai copper is strongly sorted, the enthusiasm for receiving goods downstream has gradually cooled down, the inventory status of the holders has gradually come to an end, the market quotations have decreased, the source of good copper is still scarce, the discount is slightly narrowed, the price difference between flat water copper brands is still large, the downstream market entry volume is reduced, the receiving volume is steadily declining, and the market is beginning to show a state of supply and demand
tug-of-war 。 In the afternoon, the market transaction was further reduced, especially good copper, the holder has been difficult to hold, the sticker water expanded to 100 yuan / ton - 60 yuan / ton, while flat water copper is relatively strong, reported discount 150 yuan / ton - discount 120 yuan / ton, the transaction price of 46400 yuan / ton - 46600 yuan / ton
.
Overall, a slight rebound within the day, the futures price fluctuated at a high level, the upper part was suppressed by MA5, the lower was supported by the moving average, the overall high consolidation pattern, it is recommended that investors participate in the short term, considering the increase in market uncertainty, steady investors gradually leave the market, pay attention to changes
in market sentiment.
