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On Wednesday, Escondida copper miners will again refuse the invitation to restart negotiations, Shanghai copper main 1705 contract opened high at 47610 yuan / ton, after the opening of the short liquidation, pushing up copper prices continue to go higher to 47740 yuan / ton, and then the high continues to long profit outflow, copper prices began to probe, the center of gravity moved down to 47590 yuan / ton around consolidation, long and short short-term operation, copper prices stalemated, with 47670 yuan / ton closed at the big white line, up 310 yuan / ton
。 Intraday Shanghai copper fluctuated at a high level between the moving averages, the closing of the two sessions, the Dutch election, and the Fed's interest rate meeting, there were many risk events, and the market traded cautiously, mainly short-term operations
.
However, the news of the copper strike has not been resolved, continuing to support copper prices, and it is expected to be strong in the evening, given the sharp rise in London copper, the main force of Shanghai copper or open above the 10-day moving average
.
In terms of external trading, London copper opened at 5835.
5 US dollars / ton, the Asian session with the black series of big rise, copper price short-term pulled up to around 5840 US dollars / ton, and then bulls retraced, copper prices fell, probed down to 5814.
5 US dollars / ton, downward test the support at the adhesion of the 5-day and 10-day moving averages, confirmed the support and then rose, returned to the daily moving average of 5828 US dollars / ton near consolidation, into the European session, As the dollar pulled back to 101.
44, commodities rose collectively, copper prices rose in a straight line, all the way to 5885 US dollars / ton, as of 18:03, London copper was reported at 5872.
5 US dollars / ton
.
Intraday London copper stood on the 60-day and 10-day moving averages, temporarily getting rid of the entanglement of the bottom moving average, the Federal Reserve announced its interest rate decision, the market is expected to be risk-aversion-based, bulls have accumulated a large number of long profits after the continuous rise in copper prices, above the 20-day and 40-day moving averages adhesion top, forming a breakthrough resistance, evening vigilance of high profit-taking turning negative
.
In terms of the market, Shanghai copper continued to rebound, the basis fluctuated sharply on the last day before the change of month, the maximum price difference exceeded 300 yuan / ton, most of the market source has been quoted on the 1704 contract, generally good copper reported in the discount 220 yuan / ton - discount 140 yuan / ton, flat water copper discount 260 yuan / ton - discount 220 yuan / ton, speculators absorb low-priced sources, downstream waiting for the operation after the change of month, the transaction is dominated by middlemen, and the copper will reappear in the discount state
after the month change 。 At the end of the afternoon, the market rose, spot quotations followed the downward expansion, speculators continued to enter the market to find low discount sources, but suitable sources are difficult to find, flat water copper to 1704 contract quotation 270 yuan / ton - 220 yuan / ton, premium copper sticker 220 yuan / ton - 170 yuan / ton, the transaction price was flat at 47050 yuan / ton - 47250 yuan / ton
in the morning.
On the industrial front, considering that the strike at the Escondida copper mine in the copper market is still ongoing, the union said that the mine is targeting 106,000 tons in February and expects to lose 76,000 tons in February, and the target output in March is 104,000 tons, and the production loss from the strike is expected to be about 47,000 tons
.
On the whole, considering that the supply and demand side of the copper market has indeed improved, coupled with the upcoming traditional consumption season, the downstream has begun to enter the market, and the performance of copper prices in the peak season is still optimistic, and it is recommended to buy
on the dip in trading.
In the early hours of Thursday Beijing time, the Federal Reserve will release its interest rate decision and policy statement, waiting for guidance
on the news.
