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Wednesday morning Shanghai copper main 1906 contract opened at 49450 yuan / ton, the opening test low 49440 yuan / ton, after the opening followed the external market, the performance of shock pulled, before the afternoon in the short-term high of 49620 yuan / ton after a pullback, the center of gravity down to the daily average of 49500 yuan / ton, the afternoon external market again force, bulls actively entered the market, copper prices rose again, stopped at 49600 yuan / ton position, after the shock closed, the end of the session continued to rise, high 49700 yuan / ton after the performance fell back, It closed at 49510 yuan / ton, up 90 yuan / ton, or 0.
18%.
In terms of external trading, Asian market, London copper opened at 6480.
5 US dollars / ton, the opening is from the low of 6480 US dollars / ton gradually rebounded, around the daily average to do a narrow range, and then released China's March GDP and industrial data, the performance is eye-catching, copper prices straight up, after testing 6518 US dollars / ton, failed to maintain stability, the performance fell
back in the afternoon.
Until the afternoon, due to the weakening of the US dollar, bulls actively entered the market, copper price performance steadily rose, into the European market, the beginning of the copper price short-term high of 6542 US dollars / ton, deep "V" short-term down, soon back to the rise, as of 17:00, London copper reported 6526 US dollars / ton
.
In terms of the market, the performance of Shanghai copper fluctuated in the range, and copper ran along the line of 49400 yuan / ton
.
In the afternoon, there is no discount source outflow, the early market at the beginning of the market holders quotation premium 30 ~ 140 yuan / ton, bargain buying increased, traders continue to lead the market transaction, flat water copper plate can initially receive a small amount of low-price sources, soon low-price sources are scarce, the quotation is raised to around 40 yuan / ton, good copper purchase is not as good as flat water copper, slightly adjusted to 120 ~ 130 yuan / ton concentrated transaction
.
Wet copper continued to be tight and high-priced, and the quotation rose to around
50 yuan / ton from the previous day.
The market is still brewing a consolidation period, spot has gone strong first, and the market is lacking consumption to further stimulate
it.
In the afternoon, as the market continued to rise, downstream trading enthusiasm stopped, flat water copper is better copper is more favored, holders firm premium quotation, the market afternoon trading performance is deadlocked
.
Today's macro factors drove the positive, and Shanghai copper once again rushed higher and fell
back on the day.
From the current point of view, Shanghai copper is still difficult to break through a new high in the contradiction between macro improvement and weak consumption, copper concentrate supply and expected macro improvement have a strong supporting effect on copper prices, but it is difficult to break through the high point in the short term without downstream consumption
boosted.
In general, when domestic refined copper stocks continue to decline and some copper plants have maintenance plans, copper prices may rise more slowly as inventories continue to decrease
.
It is expected that the Shanghai copper shock will be strong in the short term, with a range of 49,400-50,000
.
