echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Bears continue to suppress copper prices trend slightly down

    Bears continue to suppress copper prices trend slightly down

    • Last Update: 2022-12-14
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Wednesday, the main 1902 contract of Shanghai copper opened low in the morning market, opening at 48030 yuan / ton, early London copper went higher, short exit, Shanghai copper above the daily moving average slightly oscillated upward to the intraday high of 48160 yuan / ton blocked, under the drag of a large number of bulls leaving the market, copper prices fell below the daily average in about 20 minutes, all the way down to 47790 yuan / ton
    。 In the afternoon, the bears continued to suppress, copper prices fell slightly to the low level of the day, 47720 yuan / ton was supported, at the end of the day, the center of gravity of copper prices fell slightly again, basically in the range of 47680 ~ 47840 yuan / ton narrow oscillation, the amplitude does not exceed 40 yuan / ton, the closing low of 47680 yuan / ton, down 490 yuan / ton, down 1.
    02%.

    Copper prices

    Externally, during the Asian session, London copper opened at 5970 US dollars / ton, after the opening copper price shock rose back to 5994 US dollars / ton, short-term high after failing to gain a foothold, copper prices all the way down below the daily moving average, during the period near the daily average of 5980 US dollars / ton there was a short buffer, and before the afternoon and the end of the Asian market there was a slight upward step to test the daily average phenomenon, but failed to stop the downward trend, into the European session, the US dollar out of the deep V situation, the low recovery under the copper price fell sharply, fell below 5900 US dollars / ton, bottomed out at $5881 / ton, as of 17:30, London copper reported $5883 / ton, it is expected that the price is difficult to obtain technical support, there is still room for
    downside.

    In terms of the market, on the first day of the opening of the new year, the daily average of copper pressure in Shanghai fell all the way, and copper prices once again broke through 48,000 yuan / ton and fell
    .
    On the first day of trading in 2019, there were far more market shippers than receivers, but the inquiry atmosphere was active, and holders still showed willingness to
    raise prices.
    The morning market quotation premium 50 ~ 100 yuan / ton, the market performance stopped, the response was cautious, the market can be traded at a low price to flat water copper premium 40 yuan / ton, and even some can be received at a low price to 30 yuan / ton of flat water copper; Good copper quotations are concentrated in the premium 80~100 yuan / ton range, low-priced flat water copper and good copper are still favored by the market, and trading is concentrated among
    traders.
    The overall intraday market trading is general, the performance of the market is still unstable, supply and demand are divergent, downstream post-holiday replenishment is limited, traders favor low-priced sources, and supply and demand are deadlocked
    .

    Due to the gap of the Shanghai copper 1903 contract in the morning market and the low opening, the center of gravity of the main Shanghai copper 1903 contract basically fell all the way during the day, losing the 5-day moving average and temporarily receiving the support of the lower Bollinger band
    .
    Waiting for external guidance, pay attention to the US dollar index and long and short trends, the main 1903 contract of Shanghai copper is expected to test whether it can hold the 47500 yuan / ton line
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.