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On Friday evening, the U.
S.
stock market rebounded sharply, coupled with a slight correction in the US dollar index, the metal market was slightly boosted, intraday A shares strengthened, and the aluminum market rebounded sharply in the afternoon after driving the copper market to stabilize and rise, entering the cold market before the Spring Festival, it is expected that Shanghai copper will maintain a weak shock before the holiday, and the decline is difficult to repair
in the short term.
From the perspective of futures, the main MACD dead cross and KDJ dead cross of Shanghai copper fell below the integer mark of 52,000 yuan, and continued to run
weakly in the short term.
In the external market, LME copper opened higher in March, rose to a high of $6,889 in late trading, and finally closed at $6,867.
5, up $117.
5, or 1.
74%.
The main 1804 month contract of Shanghai copper continued its rebound at the open, and the price rushed up 51,900 yuan in the afternoon, driven by the sharp rise in aluminum, and finally closed at 51,710 yuan, down 90 yuan, or 0.
17%.
Index holdings decreased by 1,942 contracts to 793,000 lots
.
In terms of the market, the intraday spot discount narrowed slightly to C150-C350 yuan / ton, the market entered the pre-holiday market, downstream and traders basically had a holiday, the overall price was not in the market, and the trading was cold
.
According to the survey, some traders may be weak and volatile in the future, and the short-term premium may stabilize and change little
.
South Reserve East China, the average spot price of electrolytic copper was 51250 yuan, up 110 yuan; Liter discount quotation, -150 to -120 yuan, down 175 yuan
.
In East China, the Spring Festival is approaching, the vast majority of traders and downstream have entered a state of holiday, the market trading is quiet, and only some just need to purchase
a small amount.
As of the close, the premium copper mainstream trading pair futures contract discount of 120-130 yuan, flat water copper discount 170-190 yuan, wet copper discount 350 yuan
.
South China Reserve, the average spot price of electrolytic copper was 51,430 yuan, up 120 yuan; Liter discount quotation, 30 to 70 yuan, down 160 yuan
.
In Guangdong, the vast majority of downstream has been on holiday, which has increased inventory significantly over the weekend, and holders have only reduced their quotations to achieve a small number of transactions, and the overall transaction is not good
.
As of the close, the premium copper mainstream trading pair futures contract premium of about 70 yuan, flat water copper premium 20-50 yuan
.
This week, China will usher in the traditional long holiday Spring Festival, most copper downstream enterprises have stopped production and holiday, spot market trading is light
.
Overall, there are many fundamental bearish factors, and there is no sign of technical decline, copper prices will continue to be weak, and the decline before the Spring Festival is still dominated
by weak declines.
