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This week's Shanghai copper index first rose and then suppressed, at the beginning of the week by the surge in foreign inventories, directly opened sharply lower and lower, Tuesday once fell to 46780 yuan, then foreign mining strikes and domestic commodity market surge support, the price rebounded, once climbed close to the previous high of around 47950 yuan, Friday by the black variety high fell down, the price also fell slightly to around
47160 yuan.
The final close of the week was 47,350 yuan, up 60 yuan, or 0.
13%.
In terms of external trading, this week's LME stabilized after the sharp fall in March, affected by the sharp growth of LME copper inventories at the beginning of the week, copper prices fell sharply to $5792, after which the Fed's speeches were dovish, the US President Russiamen fermented to weaken the dollar, the price rebounded sharply to $5933, after which the dollar stabilized, copper prices also fell slightly from the high, and closed at $5873 during the domestic trading session on Friday, up $42, or 0.
73%.
In terms of the market, the overall transaction situation this week is average, due to next Monday's delivery, coupled with the sharp jump in copper prices during the week, making the downstream cautious wait-and-see, insufficient willingness to receive goods, poor transactions
.
On Friday morning, the holders quoted positive and firm prices, while the downstream feared heights, and only received a small number of inquiries, due to the continuous widening of the current month and near-month spreads, the spot has remained in a premium state since Thursday
.
Wet copper 0-b10 yuan / ton, flat water copper b50-b60 yuan / ton, good copper b80-b90 yuan / ton
.
In terms of news, China released June refined copper import data basically flat last month, showing a downward trend in imports, indicating poor consumer demand, and copper performance to follow the general trend, trading volume and position data have decreased significantly, currently due to the impact of foreign mining strikes, copper prices are supported, but it is expected that later inventories or gradually recover, upstream refinery maintenance period to resume production
.
From a technical point of view, the KDJ gold cross diverged on the week k, the MACD is about to be crossed, the price continues to stand above the 5-week moving average, and this week it stepped back to the 20-week moving average but under pressure at the high of two weeks ago; On the daily K, MACD dead cross, KDJ golden cross, the price may continue to fluctuate above the half-year line, and there is a possibility
of stepping back to the 20-day moving average of 47,000 yuan in the short term.
