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    Home > Chemicals Industry > New Chemical Materials > After the center of gravity of copper prices moved up, they repeatedly consolidated in the short term, and they are still mainly wait-and-see

    After the center of gravity of copper prices moved up, they repeatedly consolidated in the short term, and they are still mainly wait-and-see

    • Last Update: 2022-12-04
    • Source: Internet
    • Author: User
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    On Monday, the main 1704 contract of Shanghai copper opened at 48410 yuan / ton, and after the opening, the bulls increased their positions, pulling the copper price up to 48550 yuan / ton around consolidation, breaking through the upper 10-day moving average, the bulls launched a more violent attack in the afternoon, the center of gravity of copper prices moved up to 48760 yuan / ton repeated consolidation, touching the intraday high to 48850 yuan / ton, closing at 48770 yuan / ton at the long white line
    .
    Shanghai copper rebounded within the day, and the worry of copper mine supply shortage was positive for copper prices, and Shanghai copper was in an upward channel as a whole, approaching
    the 5-day moving average.

    Copper prices

    Externally, London copper opened at 5977.
    5 US dollars / ton, over the weekend Anglo American Resources announced that it will suspend Chile El Soldado copper mine operations, copper supply concerns once again shrouded the market, Asian session in the bulls under the efforts to promote, London copper rose to a high of 6000 US dollars / ton, and then by the pressure of the integer mark to make a small pullback to near the daily moving average, in the afternoon, bulls were encouraged, copper prices soared, the highest touched 6024.
    5 US dollars / ton, under the pressure of the 5-day moving average was blocked upward, and then turned into a consolidation state , repeatedly tested the pressure of the 5-day moving average, as of 16:50, London copper was trading at $6,009 / ton
    .
    London copper rebounded under the stimulation of copper mine news, the willingness of bulls to pull up is more obvious, but the pressure of the upper 5-day moving average is large, mainly between the moving averages, or continue to test the pressure
    of the 5-day moving average.

    In terms of the market, Shanghai copper flat consolidation, holders maintain the level of quotations after last week, the supply of copper is more abundant, after the second trading session, the current copper discount quotation is more loose, there is a decline, near noon, the copper period is slightly backtested, the market bargain consumption has improved slightly, the volume of goods received has increased earlier, the overall trading volume is general, mostly middlemen
    。 In the afternoon, the center of gravity of the plate moved up, and the holders lowered their quotations, flat-water copper newspaper discount 280 yuan / ton - discount 220 yuan / ton, good copper newspaper discount 200 yuan / ton - discount 110 yuan / ton, the transaction price rose to 48120 yuan / ton - 48460 yuan / ton, the market transaction further decreased
    .

    Chile's Escondida copper mine said company representatives would attend government-sponsored talks with striking workers, provided the union did not interfere with the shift change of non-union employees
    .
    The mine is the largest in the world
    .
    Strike action by workers of the copper miners' union, controlled by BHP Billiton, entered its 11th day on Sunday after negotiations on a new labor contract held last week broke down
    .

    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 dominated by buying on the dip
    .
    In the early hours of Thursday Beijing time, the Federal Reserve's FOMC released the minutes of
    its January monetary policy meeting.

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