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On Wednesday, the main Shanghai copper contract 2005 jumped high at 38,650 yuan / ton in the morning, and then touched a high of 39,060 yuan / ton and then quickly slipped below the daily moving average, the center of gravity fluctuated around 38,790 yuan / ton, and the copper price continued to rise above the 39,100 yuan / ton mark in the second trading session until the end of midday; In the afternoon, the Shanghai copper short-term pullback to near the daily moving average continued to rise, closing at 39360 yuan / ton, up 1210 yuan / ton, or 3.
17%.
In terms of external trading, the Asian market opened at 4849 US dollars / ton in the morning, and the overall trend of copper prices in the Asian session stabilized, the center of gravity basically revolved around the 4820 US dollars / ton line, and the short term tested 4780 US dollars / ton
at noon.
As the continued injection of liquidity brought strong confidence to the market after the Fed's announcement of unlimited easing the day before, the Dow triggered an upward circuit breaker of more than 11%.
At present, liquidity risks have been released, and short-term over-sales due to liquidity tightness are expected to be repaired
.
Then entering the European market, copper prices rose, oscillating upward to a high of $4888 / ton
.
As of 16:30, the price of London copper was 4847.
5 US dollars / ton, down 0.
01%.
In terms of the market, Shanghai copper continued to rebound, and the copper price reached 39,000 yuan / ton within the day
.
Holders of goods in the morning market quotation discount of 50 ~ discount of 30 yuan / ton, bargain buying increased, traders led the market transaction, morning market activity is high, a round of receipt led to a rapid increase in quotation to flat water copper discount 30 yuan / ton, good copper discount 20 yuan / ton
.
The downstream continued to maintain the enthusiasm of bargain hunting replenishment during the day, plus some traders continued to receive long-term orders for delivery, and some bought and sold period, and the market transaction atmosphere continued to improve
.
In the afternoon, the plate stabilized at a high level of 38900 yuan / ton, the holder continued to raise the price, the quotation further rose, flat water copper quotation at the discount of 20-10 yuan / ton, good copper discount 10 yuan to flat water, and even there is a quotation premium of 10 yuan / ton, the bottom of the transaction price rises, to 38780-38950 yuan / ton, the transaction is suppressed at a high level due to the high plate and the narrowing of the discount, but if there is a low discount source is still favored and grabbed
.
Shanghai copper continued to rebound, mainly due to the announcement of unlimited QE in the United States after the market liquidity panic was eased, fueled the intraday nonferrous metal market higher, while Cobre Panama production after the infection of several employees of First Quantum production at a slower than expected growth rate, this news triggered the market's expectations of tight supply, which also contributed to the higher copper prices
.
However, the copper price boosted by the unlimited loose dollar is never a long-term solution, and the US epidemic is now in a large-scale outbreak period, the risk is still large, waiting for when the epidemic in various countries will appear inflection point, test whether Shanghai copper can withstand the 39,000 yuan / ton mark
.
