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On Tuesday, the main 1704 contract of Shanghai copper opened at 49750 yuan / ton, the early long and short game, copper prices around the daily average of 49920 yuan / ton repeated consolidation tests, copper prices slightly low to around
49700 yuan / ton.
Subsequently, stimulated by the news of Freeport copper mine, bulls continued to increase their positions sharply, Shanghai copper broke through the daily moving average resistance upward, recorded a high of 50230 yuan / ton, and pulled back slightly at the end of the day, closing at 50110 yuan / ton at the small white line, up 560 yuan / ton, up 1.
13%.
Intraday Shanghai copper high volatility, stimulated by copper mine news, Shanghai copper in the near future still maintained a strong shock trend
.
In terms of the external market, London copper opened at 6120 US dollars / ton, during the Asian session, London copper stopped around the daily moving average of 6133 US dollars / ton, and then the bulls closed their positions, copper prices pulled back slightly, tested down at 6109 US dollars / ton, and found support near the upper Bollinger Road rail, and then as Freeport said that its Grasberg copper mine in Indonesia may stop production this week, bulls were encouraged to increase their positions sharply, copper prices pulsed up to a high of 6175 US dollars / ton, and then bulls took profits to close their positions, copper prices fell, The low broke through the daily moving average, and as of 16:40, London copper was trading at $6145/mt
.
Relying on the high volatility of the upper rail of Bollinger Road, the good news brought by copper mines continues, and it is expected that Nairon copper will still maintain strong volatility in the short term, or there will be further upside
.
In terms of the market, Shanghai copper continued to rise, high volatility, the basis narrowed to 250 yuan / ton - 280 yuan / ton in the next month, flat water copper is still the mainstream supply brand in the market, the 1703 contract discount 330 yuan / ton - discount 280 yuan / ton, good copper discount about 200 yuan / ton, holders still favor good copper, near noon flat water copper and good copper discount has narrowed, speculators are bullish into the market to receive, downstream has not seen obvious entry into the market
。 In the afternoon, the market continued to quote on the 1703 contract, due to the rise of the plate, the spot premium was loosened, flat water copper newspaper discount 350 yuan / ton - discount 300 yuan / ton, good copper newspaper discount 250 yuan / ton - discount 220 yuan / ton, the market good copper supply is less, the transaction price is 49350 yuan / ton - 49630 yuan / ton
.
In terms of industry, supply problems are still fermenting
.
The strike at BHP's Escondida copper mine in northern Chile is still ongoing, after the guild said it could last for two months
.
In addition, the export issue of Freeport's Grasberg copper mine in Indonesia remains unresolved, and the company suspended production of the mine's copper concentrate on Friday, and the dispute between Freeport and the Indonesian government has not yet been clearly resolved
.
From a technical point of view, after the copper price breaks through the early shock range, there is still room for rebound, such as a pullback in a short period of time, you can still choose the opportunity to buy, and the transaction is still mainly to find good buying opportunities
.
