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    Home > Chemicals Industry > New Chemical Materials > Shanghai copper weak consolidation lost all moving average support

    Shanghai copper weak consolidation lost all moving average support

    • Last Update: 2022-12-12
    • Source: Internet
    • Author: User
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    On Monday morning, the main 1811 contract of Shanghai copper opened at 47990 yuan / ton, short positions at the beginning of the session, copper prices rose slightly to touch 48220 yuan / ton, a short consolidation, the latest Caixin manufacturing PMI 50.
    6 was lower than expected and the previous value, a 14-month low, pulling down copper prices, copper prices fluctuated down to the lowest of the day of 47850 yuan / ton, hitting a new low
    in nearly two weeks.
    In the afternoon, copper prices fluctuated upward to 48180 yuan / ton, consolidated again, and closed at 48150 yuan / ton, down 420 yuan / ton, or 0.

    Shanghai copper

    In terms of external trading, London copper opened at 5977.
    5 US dollars / ton, Asian market open to noon, London copper basically around the daily moving average to do a wide range of oscillations, below 5950 US dollars / ton several times down to find support, morning session, the force of recovery is weak, above blocked 5982 US dollars / ton
    In the afternoon, the US dollar fell slightly, London copper was strongly rushed up, and copper prices fluctuated upward to the highest of 6005 US dollars / ton in the day.
    During the European session, although the US dollar rebounded from the low, London copper relied on the daily moving average and fluctuated
    slightly along the $5985 / ton line.
    As of 17:35, London copper was trading at $5,983/ton

    In the market, affected by the negative tariff of 200 billion yuan in the Sino-US trade war, the US dollar rose, non-ferrous metals generally came under pressure, and Shanghai copper fell to 48,000 yuan / ton mark
    The morning market inquiry is active, the holders have a strong willingness to raise prices, under the guidance of traders, the transaction of low-priced sources is active, and the activity of the morning market is still high
    In the second trading session, the high premium made the transaction suppressed, the transaction heat cooled down, the market could receive the goods at a low price, the flat water copper generally quoted a premium of about 120 yuan / ton, the proportion of good copper sources was small, and the quotation maintained a premium of more than
    150 yuan / ton.
    In the afternoon, the market was higher, the spot premium was basically the same as in the morning, the quotations of holders were still firm, the transaction was dominated by traders, mainly still favoring low-priced sources, but the market was difficult to find low-priced goods

    In terms of news, the offshore yuan fell back to 6.
    85 again, the 200 billion trade tariffs between China and the United States were put on the agenda, and the depreciation of the yuan was again worried, and the latest Caixin manufacturing PMI of 50.
    6 was lower than expected and the previous value, a new low in 14 months

    During the day, the amplitude of Shanghai copper narrowed below the daily moving average, during which it touched 48220 yuan / ton, losing all moving average support, and the 5-day moving average
    Pay attention to the external guidance, it is expected that short-term Shanghai copper will still fluctuate
    along the range of 48,000 yuan / ton ~ 48200 yuan / ton.

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