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On Wednesday, the trend of the Shanghai copper 1905 contract was relatively stable compared with the external market, and the overall daily moving average was under pressure, showing a range of 49350-49490 yuan / ton
.
In the morning, it opened at 49390 yuan / ton, the center of gravity after the opening was basically stable around 49430 yuan / ton, and soon after the opening it was 49490 yuan / ton, and then maintained a narrow range shock pattern, touching a low of 49350 yuan / ton at the end of the session, closing at 49400 yuan / ton, down 150 yuan / ton, down 0.
3%.
In terms of external trading, during the Asian session, London copper opened at 6476 US dollars / ton, at the beginning of the session due to the short-term stagnation of the US dollar, copper prices were boosted, the shock tested 6489 US dollars / ton, but the high did not continue to maintain stability, the center of gravity has fallen to around 6458 US dollars / ton before the afternoon, before the European market, copper prices basically showed fluctuations around this position, during the period there were also many upward tests of the daily moving average operation, but unsuccessful
.
Until the European market, due to the weakening of the US index, copper prices followed the trend, as of 17:00, London copper was reported at 6469.
5 US dollars / ton
.
In terms of the market, Shanghai copper fell slightly, sorted out at 49900 yuan / ton line, the next month contract spread maintained a back structure, and has expanded to 70-80 yuan / ton, so that the market spot premium further returned to the rational structure, the morning holder quotation discount 20 yuan / ton ~ 120 yuan / ton, the premium structure is difficult to get market recognition, the market once again opened the downward quotation mode
.
The change in the spread structure has made the holders show a clear mood of selling goods for cash, and there is still room
for the discount to expand under the situation of continuous near and far weakness in the situation of concentrated transaction of selling.
Recently, the market is in the digestion period of the policies of the two sessions, the price performance has remained stable, and the contract spread has not changed
significantly.
After forming a gap and falling gap, the main force of Shanghai copper showed a narrow fluctuation, and the center of gravity remained stable above
the 20-day moving average.
Continue to test whether the main force of Shanghai copper can hold the position
of 49,300 yuan / ton.
Pay attention to the change in ADP employment in the United States in February by 190,000 lower than the previous value, the US trade balance deficit of 57.
9 billion US dollars in December is higher than the previous value, and the EIA crude oil inventory change in the United States in the week of March 1 is expected to increase by 1.
45 million barrels higher than the previous value, from the expected value, the US data may form a suppression on the US dollar, which is conducive to the trend of copper prices
.
Wait for the guidance of the US index and crude oil to test whether London copper can hold the $6450 / ton, and then test the breakthrough
of the $6500 / ton mark.
