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This week's Shanghai copper index continued to maintain a volatile trend this week, the price fell at the beginning of the week after recoiling high 54,030 yuan, and then ushered in a sharp fall to a low of 53,110 yuan, maintained at 53,000 yuan after a narrow range of shocks, Friday a slight rebound approaching the high at the beginning of the week, the week finally closed at 53,830 yuan, up 140 yuan, or 0.
26%, the index weekly position increased by 20,220 lots to 764,000 lots
.
In terms of external trading, this week's LME March copper first fell and then rose, the price at the beginning of the week slightly higher after a pressure fell to $6994, and then the price closed the doji, Friday slightly higher 7188.
5, as of the deadline closed at $7182.
5, up $91.
5, or 1.
29%
during the week.
In terms of the market, the beginning of the week is close to the end of the month, the market funds are tight, traders are more difficult to ship, the transaction is poor, the spot has maintained a high discount state, the capital situation has improved at the beginning of Thursday, coupled with copper prices maintained at a low level, downstream and Chinese merchants are highly motivated to purchase, and the market trading was once active
.
On Friday, the holders maintained a strong selling price, the market supply except wet copper, the premium narrowed, but the overall willingness to receive goods fell compared with yesterday, and the overall market trading was average
.
In terms of news, affected by the Fed's March interest rate hike probability at the beginning of the week, the dollar index once rebounded close to 90, coupled with the high profit take of some non-ferrous metal varieties, suppressing copper prices to fall sharply
.
Since mid-week, the dollar index has continued to weaken, black long sentiment in the domestic commodity market has been high, and colored leaders have continued to rise, driving copper prices up slightly
.
However, the market will start next week before the Spring Festival, and it is expected that short-term copper prices will still be dominated by volatile trends
.
From a technical point of view, on the weekly k, KDJ dead cross, MACD dead cross, the moving average is divergent, and the price closes at the 20-week moving average after stepping back on the 30-week moving average; On the daily K, the Shanghai copper index MACD dead cross, KDJ gold cross, the price is temporarily under pressure on the 60-day moving average, below the previous low and 53,000 yuan integer mark as support, it is expected that the short-term copper price will maintain a volatile operation
.
