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On Wednesday, the main 1704 contract of Shanghai copper opened at 48750 yuan / ton, after the opening of the short cover, copper prices were raised all the way to the daily average below the 48975 yuan / ton nearby, and then long and short positions were closed one after another, Shanghai copper under pressure on the daily moving average repeated consolidation test, intraday high to 49130 yuan / ton, the end of the long closing market outflow, copper prices fall, at 48740 yuan / ton closed at the long black line, down 1200 yuan / ton, down 2.
4%.
。 Intraday Shanghai copper runs against the daily moving average, long and short are mainly closed positions, the strong stimulus of copper mine strike is weakening, the central bank continues to carry out net withdrawal effect, the capital surface is in a tight state, is expected to be temporarily adjusted
in the short term.
As copper mines enter the salary negotiation cycle this year, the later period under the time window of copper strikes is still the main basis
for bullishness.
In terms of external trading, London copper opened at 6026.
5 US dollars / ton, the Asian session in the short position closing driven by the center of gravity moved up to 6057 US dollars / ton running, intraday high to 6074 US dollars / ton, but subject to the pressure of the upper band of Bollinger Road can not continue to rebound, in the afternoon with the strengthening of the US dollar index, copper prices pulled back, the low broke through the daily moving average, the low recorded 6013 US dollars / ton, and then under the support of the 5-day moving average V-shaped rebound, as of 16:50, London copper reported 6033 US dollars / ton
。
On the macro front, it is reported that the Fed's labor market index fell 5.
8% year-on-year, the biggest decline since January 2010
.
Some analysts believe that it indicates an increase in the possibility of recession, and the current expectations for the recovery of the US economy are mainly set at moderate, and the US dollar is gradually under pressure
.
In terms of the market, the high level of Shanghai copper fell, the last trading day of the contract of the month, the basis of the next month was still maintained at 300 yuan / ton, the mentality of the holders was different, the mainstream quotation of copper was still shipped to the 1703 contract, flat water copper reported a discount of 220 yuan / ton - discount 180 yuan / ton, a premium copper report discount of 80 yuan / ton - a discount of 40 yuan / ton, speculators chose the opportunity to operate, still favored premium copper, so that the price difference between premium copper and flat water copper widened to nearly 200 yuan / ton, the market supply is still dominated by flat water copper, and the goods are more cheap, It is expected that the current copper will remain discounted after the month change, but the price difference between good copper and flat water copper may now narrow
.
In the afternoon session, Shanghai copper entered a consolidation state, market transactions decreased, everyone waited for the operation after delivery, good copper quotations were adjusted to a discount of 170 yuan / ton - discount 70 yuan / ton, flat water copper price stalemate at the discount of 220 yuan / ton - discount 170 yuan / ton transaction price of 48400 yuan / ton - 48780 yuan / ton, due to the correction of the plate, the downstream market to take goods significantly increased, market transactions have improved
.
In terms of industry, according to foreign news sources, Escondida copper miners in Chile, a subsidiary of BHP, agreed to enter the government mediation process
with the company.
The analysis believes that the problem of upstream copper mines is only the fuse of this copper price rebound, not the decisive force of the copper market rebound, the fundamental is that the fundamentals of the copper market itself have gradually improved
.
Therefore, even if issues such as upstream strikes are resolved, copper prices will still be supported
by fundamentals.
From a technical point of view, after the copper price breaks through the early shock range, there is still room for rebound, such as a pullback in a short period of time, you can still choose the opportunity to buy, and the transaction is still mainly to find good buying opportunities
.
