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On Wednesday, the Shanghai copper 1611 contract opened at 37380 yuan / ton, the two domestic cities opened high, the market atmosphere was eased, after the opening of the bears continued to leave the copper market, the center of gravity of copper prices was raised to 37475 yuan / ton around consolidation, the upper and lower volatility was only 100 yuan / ton, at 37500 yuan / ton closed at the small black line, minus 180 yuan / ton
。 The center of gravity of Shanghai copper rose slightly during the day, and the copper market was mainly closed before the festival to close the position and hedge, and the current London copper rebounded under the boost of reduced inventory, which is expected to drive the trend of Shanghai copper, but the position is weak, and the long lower shadow leaves a hidden danger, and it is expected that copper prices will still fluctuate in the range of 37350-37650 yuan / ton
.
In terms of external trading, London copper opened at 4796.
5 US dollars / ton, Asian session London copper around the daily average of 4797 US dollars / ton around the sideways, intraday once tested a low of 4790.
5 US dollars / ton, below by the 60-day moving average support, European session, bulls poured into the copper market, copper prices boosted and rose, as of 17:00, London copper reported 4818 US dollars / ton, US dollar at 44.
91 US dollars / barrel, The U.
S.
index reported 95.
562, London copper upward repair part of the decline, it is expected that London copper to stand firm 60-day moving average or seek an opportunity to return to the uptrend, but is currently holding OPEC crude oil meeting, crude oil price fluctuations affect the market nerves, copper prices may repeat.
On the macro front, the recent strong trend of the US dollar has put a lot of pressure
on non-ferrous metals.
In addition, investors have lost confidence in OPEC's freeze production plan, oil prices can not get any positive news from it, and weaker oil prices are also dragging down non-ferrous metals
.
Iran's oil minister said that he was unwilling to freeze production at the current production level, which caused international oil prices to fall sharply, and copper prices were also affected by this pressure and declined
.
In the market, Shanghai copper fell slightly on Wednesday from the previous day, and copper quotations continued to rise
driven by downstream buying.
The quotation of good copper and wet copper at the opening is small, and the market is bullish and the premium atmosphere is strong
.
Good copper reported a premium of 160 yuan / ton, flat water copper reported a premium of 130-140 yuan / ton, wet copper reported a premium of 90 yuan / ton, the reported source of goods was quickly bought out, and the holder immediately raised the quotation
.
To the first section of the market closed, the quotation has reached 180 yuan / ton of copper premium, cost-effective flat water copper premium of 150 yuan / ton, at this time wet copper quotation gradually increased, and overreported to 100-liter 110 yuan / ton, reflecting the positive
downstream purchase.
In the afternoon session, Shanghai copper was sideways, and the downstream market was slightly hesitant to buy, waiting for the opportunity to wait for a low-priced source, and the transaction was general, but the holders considered that there was still downstream buying on Thursday, so they chose to hold the price and are expected to continue to rise in premium
.
In the afternoon, the flat water copper premium was 130-150 yuan / ton, the premium copper was 170-180 yuan / ton, and the transaction price was 37590-37670 yuan / ton
.
Overall, the copper market on Wednesday appeared to be active due to the increase in downstream buying, with both supply and demand
.
As the National Day holiday approaches, investors have left the market, and capital nervousness has reappeared, and the originally warmed nonferrous metal market has begun to "cool down"
.
In the short term, the momentum of Shanghai copper growth has weakened, the plate has weakened, considering that the National Day holiday is approaching, it is recommended to operate cautiously, pay attention to controlling positions, and pay attention to the support of the moving average below
.
