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On Friday, Shanghai copper opened low and high, indicating that copper prices recovered, and some short funds took profits and left the market
.
The Shanghai copper 1902 contract traded in a range of 48720-49300 yuan / ton, and closed at 49180 yuan / ton at the end of the day, up 0.
06%
on the day.
In the external market, as of 15:18 Beijing time, the three-month London copper was reported at 6158.
0 US dollars / ton, up 0.
38% on the day, and its upper resistance level focused on 6200.
0 US dollars / ton
.
In terms of the market, Shanghai copper is still under pressure, maintaining a low-level shock pattern, sorted out at 49100 yuan / ton line
.
Following the previous day's roller coaster-style good copper premium changes, morning market holders quoted flat water copper premium 150 yuan / ton, good copper premium about 370 yuan / ton, flat water copper performance a pool of stagnant, the price remained stable and bought flat, good copper buying did not show signs of weakening, once again there were traders into the market to receive goods, so all the way up again, quickly raised to 400 yuan / ton, but the transaction heat was suppressed
。 In the second trading stage, the good copper comprehensive station rose more than 400 yuan / ton, and even 420 yuan / ton has been traded, more exaggerated is that some holders of the price crazy to about 450 yuan / ton, but the market has generally been on the wall, and there are very few
receivers.
At the weekend this day, some downstream bargain buying, wet copper and rising trading around flat water, the market quotation at a discount of 20-20 liters of water 20 yuan / ton
.
Downstream transactions increased slightly during the day, but market trading is still led by traders, but the good copper premium of more than 400 yuan / ton has shown a cautious mentality, the chasing atmosphere has also weakened, and most companies are more inclined to control risks
.
On the news, the Asian dollar index recovered slightly, now trading around 96.
829, as the US ADP employment report for November was lower than expected, resulting in a weak upside of the US dollar, falling from a high of 97 and recovering slightly during the day
.
On the industry front, Chile's state-owned copper mining company Codelco said in a statement that it had negotiated early negotiations with workers' unions at the Gabriela Mistral mine in northern Chile to reach a new collective labor contract agreement
.
The 36-month contract includes the signing of a bonus of 4.
2 million pesos and an insurance premium
of 2 million pesos.
Codelco said the deal was approved by 91.
7 percent of the union
.
Codelco also agreed to a request that included a
1.
1 percent pay rise for workers.
Gabriela Mistral produced around 122,700 tonnes of copper
in 2017.
During the day, Shanghai copper opened low and higher, mainly due to the lower than expected data of the US ADP employment report in November, while trade data showed that the US trade deficit further widened to a record high made market investors uneasy, resulting in a weak upside of the US dollar, falling from a high of 97, and copper prices rebounded; However, the recent development of Sino-US trade relations is not optimistic, and copper prices are expected to have limited
room for recovery.
Operationally, it is recommended that the CU1902 contract can consider selling high and low between 48700-49500 yuan / ton, and the stop loss is 300 yuan / ton
each.
