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On Thursday, the main 1710 contract of Shanghai copper opened at 50900 yuan / ton, after the opening of the long and short game, copper prices around 50870 yuan / ton line repeated consolidation test, in the afternoon, as the dollar index rose sharply to 93.
802, a wave of long profit outflow, copper prices pulled back to 50640 yuan / ton, near the 5-day moving average to get support, at 50790 yuan / ton to close the long black line
.
During the day, Shanghai copper pulled back and found support
near the 5-day moving average.
The central bank invested a net of 30 billion yuan in the open market, and the shibor fell overnight, and the capital was relatively abundant
.
It is expected that copper prices in the later period will rely on the 5-day moving average to fluctuate, and be wary of the demand for a pullback to reduce positions and reduce burdens in the profit orders accumulated at high levels
.
In terms of external trading, London copper opened at 6456 US dollars / ton, the RMB continued to appreciate, the highest onshore RMB rose to 6.
6525 during the Asian session, the highest offshore RMB rose to 6.
6656, a one-year high, after a slight consolidation around the daily moving average, under the pull of bulls, it rose sharply to 6479 US dollars / ton, and then with the continuous recovery of the US dollar index, copper prices showed a stepwise fall, the low broke through the daily moving average, the lowest tested to 6437 US dollars / ton, after the 5-day moving average was supported, the bears outflowed out of the low, Copper prices fell back to a daily average of $6458/tonne, and as of 16:57, London copper was trading at $6452/ton
.
Intraday copper relying on the 5-day moving average high shock, copper price sustained upward momentum slightly weakened, pay attention to the US July PPI year-on-month, core PPI year-on-month data, expected data to be good, good for the dollar, or pressure on copper prices
.
In terms of the market, the Shanghai copper high pullback sorted out, the basis of the next month is basically stable in the range of 150-200 yuan / ton, and the market quotation is relatively stable
.
Due to the small number of good copper goods, the quotation is near Pingshui, and the space for price reduction is limited
.
Imported copper accounts for a gradual increase in the supply of flat water copper, and the willingness of holders to exchange cash is strong, and the quotation is as low as 50 yuan / ton to the first line, and the price difference with good copper is widened, and the wet copper discount is about 130 yuan / ton to buy stable
.
The overall performance of the market is flat, the quotation is loose, the transaction difficulty has improved significantly, and the cautious wait-and-see atmosphere is still strong
.
In the afternoon, the market is quiet, the premium is basically the same as in the morning, flat water copper discount 50 yuan / ton - discount 30 yuan / ton, good copper discount 20 yuan / ton - discount 10 yuan / ton, the transaction price is 50330 yuan / ton - 50480 yuan / ton
.
In terms of news, the geopolitical risks of the United States and North Korea are heating up, the US dollar index has risen sharply, Shanghai copper continues to pull back overnight shock consolidation, under the pressure of the US dollar to test the low of 50550 yuan, due to tight supply of long capital support, the overall decline is more limited, the technical situation still maintains a slow rise, but in the later period beware of continuous pullback due to risk accumulation, coupled with the slowdown in China's demand is expected to affect the upside in the short term, it is expected that Shanghai copper in the range of 50500-51000 yuan is strongly oscillating, Focus on the next developments
in geopolitical risks.
