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On the last trading day before the holiday, Shanghai copper opened at 52750 yuan / ton, copper prices fell slightly after the opening, low to 52440 yuan / ton, and then the bears took profits, the center of gravity of copper prices continued to move up, running above the daily moving average, copper prices touched as high as 52850 yuan / ton in the afternoon, and returned to the previous high platform after a brief decline at the end of the day, and finally closed at 52790 yuan / ton, up 910 yuan / ton
.
Shanghai copper three consecutive sunshine, intraday running above the 5-day moving average, the Spring Festival mode is on, a large number of bears left the market, after the holiday Shanghai copper will still try to return to the previous operation platform 53,000 yuan line
.
In terms of the external market, London copper opened at 7018 US dollars / ton, after the opening of London copper shock down to 6985.
5 US dollars / ton, then long positions into the market, while short positions to leave the market, London copper opened the upward mode, all the way up to a high of 7041 US dollars / ton, London copper rushed back down, stabilized at 7017 US dollars / ton, as of 15:46, London copper reported 7012.
5 US dollars / ton
.
China entered the Spring Festival long holiday mode, the European and American markets went alone, and London copper may fluctuate sharply and return to above the
average during the festival.
In terms of the market, small Chinese New Year's Eve, the market has been immersed in the Spring Festival atmosphere, most of the enterprises have been on holiday, only a few companies still have sporadic quotations, but no transactions, good copper around the discount of about 260 yuan / ton quotation, flat water copper brands between quotation difference is large, GRESIK, Indian copper quotation in the discount of 400 yuan / ton, while Japanese copper quotation top at the discount of 300 yuan / ton, wet copper around the discount of 500 yuan / ton, the market presents a price without market is expected
.
The market is stabilizing and rising, and everyone is confident that copper prices will pick up after the holiday, and the post-holiday copper price discount is expected to narrow
significantly.
In terms of news, US President Trump announced that the next 10 years to invest 1.
5 trillion infrastructure plan to boost the market, the release of external demand is expected to promote copper prices to stabilize, the domestic holiday factor spot market is obviously oversupplied, the pre-holiday copper market or weak shock dominance, external strong internal weak pattern is expected to continue
.
