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On Friday, the Shanghai copper 1607 contract opened at 35290 yuan / ton
.
After the opening, the inertia fell to 35190 yuan / ton, and then slowly stabilized and rebounded, the highest touched 35650 yuan / ton, and in the afternoon narrow lateral consolidation, 1607 finally closed at 35480 yuan / ton, down 670 yuan / ton, down 1.
85%.
On Friday, London copper opened at 4628.
5 US dollars / ton, during the Asian session, London copper shock rebounded to a maximum of 4658.
5 US dollars / ton, and then the shock stabilized, the dollar rose in the afternoon, copper prices fell back; Entering the European session, London copper continued to fall, the lowest to 4617 US dollars / ton, and then the low recovered, as of 17:00, London copper reported 4629 US dollars / ton, up 0.
15%.
On the macro front, while last week's U.
S.
jobs data was lower than expected, Fed officials' comments were in favor of raising interest rates, and the dollar remained strong
.
In addition, Chinese officials have increased their efforts to deleverage, saying that China's economy will be L-shaped growth and will not implement large-scale stimulus policies
.
Market caution has heated up and the base metals market has been pressured and frustrated
.
In terms of the market, Shanghai copper fell 800 yuan / ton after the low level of shock, the basis continued to widen to around 250 yuan / ton in the next month, so that the morning copper premium continued to expand, good copper reported 60 yuan / ton - premium 80 yuan / ton, flat water copper reported premium 50 yuan / ton - 60 yuan / ton
.
Traders in the morning market are actively
trading.
After this sharp decline, although the downstream continued to buy goods, the quantity was far less than before
.
After the 11 o'clock market slightly corrected and rose, the shipment of cargo holders increased, the market supply increased, and the rise of premium was blocked
.
Speculators are no longer eager to buy, and the market sentiment is gradually changing to a wait-and-see focus
.
In the short term, the dollar still has upward momentum, and non-ferrous metals will continue to come under pressure
.
As the peak season comes to an end, China's economy is still facing downward pressure, which will keep metal prices in a weak pattern, and copper prices are expected to remain at risk to the downside in the later period
.
