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On Thursday, the Shanghai copper 1610 contract opened at 36160 yuan / ton
.
After the opening, Shanghai copper short profits reduced positions to cover some positions, copper prices rebounded at a low level, the highest touched 36450 yuan / ton, standing on the daily average after a narrow range of shock finishing
.
The 1610 contract ended at 36370 yuan / ton, down 460 yuan / ton
.
Intraday Shanghai copper was covered by bears to recover nearly half of the overnight decline, closing out the long lower lead, the lower line of 36,000 yuan / ton temporarily supported, but technically speaking, the average line is seriously suppressed, and the market is weak and the shock may be large
.
In terms of external trading, London copper opened at 4631.
5 US dollars / ton, after the opening of the US dollar weakened, crude oil rebounded, Asian session short cover to promote London copper back up and gradually away from the daily moving average, London copper rose to the lower Bollinger Road band around 4650 US dollars / ton after the long and short began a scramble, copper prices entered the consolidation stage, LME copper stocks increased by 9175 tons during the European session, London copper fell back to touch 4630 US dollars / ton, giving up all the gains in the day, the low level stimulated short profit outflow, London copper rose slightly, as of 17 :20, London copper reported 4638 US dollars / ton.
In terms of the market, Shanghai copper fell sharply by 600 yuan / ton, the plate was close to 36,000 yuan / ton, the holder quoted the price of copper high, the opening was fully premium, good copper reported a premium of 50 yuan / ton, flat water copper reported a premium of 30-40 yuan / ton, and few wet copper quotations were discounted 20 yuan / ton
.
However, after two consecutive negative copper futures, the pace of downstream bargain buying has slightly stagnated compared with yesterday, causing the current copper premium to fall
back during the day.
Near noon, some holders' quotations for good copper have dropped to 30 yuan / ton, and flat water copper reported flat water - 20 yuan / ton
.
Wet copper goods are less expensive, flat water copper has no willingness to discount shipments, so holders began to reduce the quotation
of flat water copper.
The mentality of buying up rather than buying down has caused the intraday market to show a certain wait-and-see mood after the sharp decline, and if there are signs of stabilization at the low level, it may attract further buying into the market
.
In the afternoon, copper prices rebounded, and the quotations of holders loosened slightly, showing a discount of 10 yuan / ton - 40 yuan / ton of premium, the transaction price was at 36300-36400 yuan / ton, the market wait-and-see sentiment has rebounded, and the activity has been suppressed
accordingly.
