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On Wednesday, the main 1902 contract of Shanghai copper opened in the morning at a low of 49130 yuan / ton, the beginning of the session London copper strengthened, Shanghai copper was boosted by this, more into the short flat, copper prices slightly fluctuated upward to 49270 yuan / ton, to the end of the first trading session, copper prices basically along the 49270 yuan / ton line of narrow consolidation, some bears exited, copper prices from 49280 yuan / ton again slightly up to 49350 yuan / ton, the second trading session to the afternoon of the Asian market, copper prices basically along the 49365 yuan / ton line of narrow range, During the period, the pierced daily moving average touched a height of 49465 yuan / ton, and was blocked from falling
back.
In the afternoon, the center of gravity of copper prices fell slightly, basically consolidating in a narrow range along the line of 49307 yuan / ton, closing at 49350 yuan / ton, down 600 yuan / ton, down 1.
2%.
In terms of external trading, during the Asian session, London copper opened at 6176 US dollars / ton, after the opening from 6171 US dollars / ton quickly pulled up to 6190-6196 range narrow range shock finishing, during the period of 6203 US dollars / ton, 6200 US dollars / ton was significantly blocked, the center of gravity fell slightly in the afternoon, under pressure on the daily moving average, during the period tried to test back to the daily average, the end of the Asian session copper prices have fallen back to around 6175 US dollars / ton, short-term low recovery, at the beginning of the European market, copper prices remained stable around 6190 US dollars / ton, Under the pressure of the dollar's recovery, copper prices fell again, once testing down at $6142 / ton, and as of 17:00, London copper was quoted at $6170 / ton, up $1 / ton
.
In the market, the US index rebounded strongly overnight, London copper led the decline, Shanghai copper fell back to give up the gains at the beginning of the week, copper prices fluctuated at 49300 yuan / ton line
.
The market price of the holder is 130~230 yuan / ton, the low-price source is favored by traders, the market transaction is positive, the holder continues to raise the price, all the way up to 150~260 yuan / ton
。 Entering the second trading stage, the market activity is high, the inquiry atmosphere is active, the spot quotation is raised again, the flat water copper quotation to 150 ~ 170 yuan / ton, good copper has been premium 270 ~ 280 yuan / ton, some downstream bargain buying, improved from the beginning of the week, wet copper performance narrowed sharply, the market raised the quotation from the previous day to 60 ~ discount 20 yuan / ton
。 Flat water copper premium was finally driven up in the day, but the pull-up speed is still not as good as good copper, good copper supply is in short supply, holders expect to face the upcoming long-term delivery of good copper will be scarce, some brands of better cost-effective can deliver long-term orders of flat water copper will also rise, the future tight price trend will continue, holders are particularly reluctant to sell
good copper.
In terms of news, China's Caixin service PMI in November was 53.
8, a five-month high, and the business activities of the service industry expanded significantly, and the downward pressure on the economy eased significantly; The renewed doubts of the US-China trade war have triggered concerns about economic growth and demand, macro factors have disturbed the market, and copper prices may fluctuate in
the short term.
