Demand for copper scrap is sluggish and the market transaction is light

On Friday morning, the main 1706 contract of Shanghai copper opened at 46280 yuan / ton
.
At the beginning of the session, it touched a high near the moving average to 46340 yuan / ton, and then encountered pressure from short positions to increase positions, Shanghai copper pierced the lower rail downward, and the low level of 45820 yuan / ton attracted long positions to increase positions, Shanghai copper fluctuated in a narrow range at 45940 yuan / ton, twice in the afternoon to test the daily moving average blocked, the end of the day close to the daily average tends to stabilize, closing at 46110 yuan / ton, up 70 yuan / ton, the volume decreased by 196,000 hands to 315686 lots, and the position increased by 9176 hands to 238902 lots
。 Shanghai copper long and short competition is obvious, lack of external guidance, Shanghai copper hesitated at the lower track, closed the doji line within the day, and is expected to continue to consolidate at the lower track in the evening, waiting for a breakthrough opportunity
.

At present, the supply of high-quality recycled copper in the spot copper market is still small, falling to the current price, and holders are
reluctant to sell.
In addition, at present, copper rod factories in various places continue to be affected by cable industry inspections and environmental protection factors, and tend to purchase electrolytic copper and high-quality recycled copper, supporting prices to continue to be firm
.
On the whole, Shanghai copper has been repeated near the lower rail, domestic copper rod factories continue to be affected by the Xi'an cable incident and environmental protection factors, scrap copper demand is sluggish, and the market transaction is light
.