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On Friday, the Shanghai copper 1904 contract opened at 48380 yuan / ton at the beginning of the morning session, after the opening of the shock higher broke the daily moving average, the beginning of the short line to test the high of 48480 yuan / ton, and then the short entered the market, copper prices basically maintained a stable speed shock decline, in the morning has fallen below the daily moving average, during the downward period many upward struggles, trying to climb the daily average unsuccessful, the end of the session to test down 48150 yuan / ton, close 48200 yuan / ton, down 130 yuan / ton, down 0.
27%.
Macro news, on the morning of February 14, Liu He, member of the Political Bureau of the CPC Central Committee, vice premier of the State Council and leader of the Chinese side of the China-US Comprehensive Economic Dialogue, and US Trade Representative Lighthizer and Treasury Secretary Mnuchin co-chaired the opening ceremony
of the high-level Sino-US economic and trade consultation.
The current round of high-level consultations is scheduled to be held
in Beijing on 14-15.
Industry news, data released by the General Administration of Customs of China showed that in dollar terms, China's imports in January grew by -1.
5% year-on-year, higher than expectations of -10.
2%, and the previous value was -7.
6%; China's January exports grew 9.
1% year-on-year, well ahead of expectations of -3.
3% and -4.
4%
in the previous month.
According to data released by the General Administration of Customs, China's imports of unwrought copper and copper products in January increased by 12% month-on-month to 479,000 tons, an increase of 8.
9%
year-on-year.
Boosted by optimism, Shanghai copper rebounded slightly during the day, and the main contract closed at 48340 points, up 0.
65%.
On the plate, Shanghai copper is under pressure around the 60-day moving average of 48400 points, and the trading volume continues to narrow
.
On the news, China and the United States held trade consultations, and the market is expected to be good; Customs announced that imports of unwrought copper and copper products increased by 12% in January, of which the repeated opening of the profit window for imported copper stimulated mainland import demand
.
It is expected that the copper price range will be sorted out in the near future, and the Shanghai copper support level will be 48,000, and merchants will buy
less at the bottom.
