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On Friday, the main force of Shanghai copper opened at 49310 yuan / ton in the morning, and the center of gravity of copper prices stabilized at 49320 yuan / ton after the opening, and then the short position reduction drove copper prices up briefly, exploring the intraday high of 49390 yuan / ton
.
At this time, the bulls successively reduced their positions and left the market, and the market continued to decline, falling all the way to the lowest point of the day of 48840 yuan / ton
.
Before noon, the price of long-entry copper rebounded, closing at 49,060 yuan / ton
.
In the afternoon, the copper price fluctuated upward, and the bulls left the market profitably near 49140 yuan / ton, and the market fell again, and finally closed at 48900 yuan, down 350 yuan / ton, down 0.
71%.
In terms of external disk, Apanlon copper opened at 6082 US dollars / ton
.
Shanghai copper opened, a large number of bears entered the market, London copper fell rapidly to around 6032 US dollars / ton, and then copper prices rose back to 6045 US dollars / ton position shock adjustment
.
In the afternoon session, London copper tried to continue to push up to $6060, but the upward momentum was insufficient, and London copper fell
back again.
Entering the European session, after London copper fell to the lowest point of the day of 6017 US dollars / ton, the long position of London copper rose by about 25 US dollars, hindered by the 6042 US dollars / ton line
.
As of 17:00, London copper closed at 6028 US dollars / ton, down 65.
5 US dollars / ton, or 1.
09%.
In terms of the market, the Shanghai copper morning high was hindered by a first-line consolidation
of 49,400 yuan / ton.
The morning spot market continued yesterday's low quotation flat water ~ premium 20 yuan / ton, after the low-price source was quickly collected, for the holder to increase the confidence of the holding price, the price of the holder raised to 10 ~ premium 30 yuan / ton, but the transaction response was not positive enough, the quotation was deadlocked, flat water copper premium 10 ~ 20 yuan / ton, good copper premium 20 ~ 30 yuan / ton, it is difficult to have room for price reduction, and it is difficult to raise
again 。 Today's good copper and flat water copper concentrated transaction in the flat water ~ liter 20 yuan / ton range, downstream to maintain just need to buy, wet copper supply increased, the difference between brands is large, the quotation is slightly lowered to discount 50 ~ discount 30 yuan / ton, some brands of poor wet copper discount can be as large as 70 yuan / ton
.
After the second trading session, the market fell sharply by about 300 yuan / ton, the market inquiry atmosphere was active, there was a willingness to buy at a low price, and the performance of the holders was more persistent, trying to hold the premium level, so the outflow of goods in circulation in the market today was reduced compared with yesterday, making it difficult to have room for price reduction today, and the performance of the premium was temporarily stable
.
The weekly increase in money supply M1 and M2 announced in the United States during the day was limited, the effect of economic stimulus measures gradually dissipated, the pace of economic recovery in the United States slowed down, downward pressure increased, and the market macro sentiment preferred cautiously, forming a certain resistance
to the upward trend of copper prices.
From a fundamental point of view, the impact of the epidemic in South America on Chilean copper mine production has not yet been obvious, and the Chilean Copper Industry Commission (Cochilco) indicated that Chilean copper mine production increased by 3.
7% from January to May 2020, easing the pessimism of the previous
day's tight supply.
