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On Friday, the Shanghai copper 1606 contract opened at 37,010 yuan / ton
.
After the opening, it fell slightly higher at 37,100 yuan, and then consolidated in a narrow range around 37,000 yuan / ton, barely holding the daily moving average
.
In the afternoon, crude oil rebounded, A shares returned to above 3000 points, copper prices fluctuated higher, and the 1606 contract finally closed at 37120 yuan / ton, up 230 yuan / ton, or 0.
62%.
During the day, London copper opened at 4850 US dollars / ton, in the Asian market, London copper first fell to the lowest level of the day of 4840 US dollars / ton, and then rushed up to 4870 US dollars was blocked to fall back to finish, crude oil rebounded in the afternoon, London copper rose sharply, into the European session, London copper accelerated to climb, as of 18:00, London copper reported 4882 US dollars / ton, up 25.
5 US dollars, or 0.
53%, the intraday has touched 4895 US dollars / ton
.
In terms of the market, after entering April, the capital level was slightly loose, and the downstream continued to buy
on the dip.
As the Qingming holiday approached, downstream buying increased, holders quoted firm discounts, and traders were cautious
due to the holiday closure.
The proportion of downstream transactions increased significantly, and the afternoon discount remained unchanged, and the transaction price was 36830-36950 yuan / ton, and the market sentiment improved
significantly.
In terms of inventories, this week's SHFE copper inventory report showed that stocks in Shanghai fell by 18,659 tons to more than 320,000 tons, a total decline of more than 28,000 tons
for two consecutive weeks.
It fully reflects the downstream low-price buying and the gradual recovery and improvement
of consumption.
Overall, the performance of Shanghai copper during the day was acceptable, some bulls counterattacked before the holiday, bears actively reduced their positions and hedged at the end of the day, Shanghai copper recovered the 40-day line support, and the future market will be dominated
by low consolidation.
The trend point of view, Shanghai copper is in the range of shock, after a period of time of falling, Shanghai copper short-term pullback is basically in place, in the context of the rebound of commodities, Shanghai copper short-term has the possibility of rebound, if short, it is recommended to wait for Shanghai copper to rebound to 37500-38000 later
.
