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On Wednesday, the main 1703 contract of Shanghai copper opened at 46780 yuan / ton, under the influence of the strike of Chilean copper miners, Shanghai copper bulls have increased their positions and poured in, copper prices quickly broke through the 5, 10-day moving average, pulled up to a high of 47600 yuan / ton, and then the bulls took profits to close their positions, copper prices briefly retreated, giving up half of the rise after consolidating around 47400 yuan / ton, at the end of the day with the offshore yuan depreciation to around 6.
8559, copper prices rose again, the high touched 47690 yuan / ton, to 47660 yuan / ton / Tons close the long white line
.
During the day, the Shanghai copper 1704 contract rose sharply, with positions increasing by 13,274 lots to 156,000 lots, and trading volume increasing by 51,216 lots to 118,000 lots, completing the monthly
change.
Today's Shanghai copper is higher, the middle track of Bollinger Road is well supported, and it is expected that the evening will be dominated by strong shocks, and it will move closer to the upper rail of Bollinger Road
.
Externally, London copper opened at 5805.
5 US dollars / ton, during the Asian session due to Chile Escondida copper miners said that workers will start a strike on Thursday, the news short-term stimulated market sentiment, bulls increased their positions sharply, copper prices continued to extend the daily average to rise, touched a high of 5890 US dollars / ton, bulls took profits, copper prices fell back to the daily average above the daily average of $5870 / ton near consolidation, repeatedly tested the support of the daily average, after confirming the support, copper prices continued to rise during the European session, as of 16:10, London copper traded at $5905.
5 a mt and the dollar index at 100.
600
.
Intran copper rebounded, copper miners' strike news continued to ferment, Bollinger Road mid-track continued to support copper prices, it is expected that the short-term is still dominated by strong shocks, or there is further
upside.
On the macro front, China's reported that foreign exchange reserves fell below 3 trillion yuan, reflecting greater pressure on the depreciation of the renminbi and hinting at the pressure of the People's Bank of China to raise interest rates to stabilize the currency market
.
The market's expectation of RMB depreciation may have a certain supportive effect
on domestic commodity prices.
In terms of the market, Shanghai copper rebounded slightly in early trading, the market transaction is still weak, imported flat water copper further impact the market, now copper discount further expanded, especially after entering the second trading period, Shanghai copper rose nearly 500 yuan / ton, now copper discount expanded even more, good copper quotation close to discount 100 yuan / ton, followed by copper fell again, now copper discount slightly received, market performance high for cash eagerness, but under the large discount is still difficult to see consumption improve, difficult to have warmth, The market has doubts
about the sustainability of the rebound of copper prices above 47,000 yuan.
In the afternoon session, Shanghai copper relied on the daily moving average high oscillation, holders continued to exchange cash, downstream consumption was lacking, under supply pressure, the water discount was actively lowered to seek transactions, flat water copper sticker underwater expanded to 220 yuan / ton - 170 yuan / ton, good copper sticker underwater expanded to 120 yuan / ton - 80 yuan / ton, the transaction price was 46930 yuan / ton - 47170 yuan / ton
.
At present, most of the people who carry out market moving and trading are large traders, and the downstream manufacturers have not started work completely and the demand is weak
.
From the perspective of the market, the trading volume began to rise, but the position is still at a low level, the activity of funds needs to be improved, and the copper price may continue to maintain range volatility, the range is 46800-48500
.
