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On Friday, U.
S.
Treasury yields rose, with the 10-year yield trading back 3.
2%
intraday.
The U.
S.
index fell back to a low of 95.
5, London copper ended a four-day negative streak, opening at $6135 / ton, during the Asian session, London copper fluctuated all the way upward, copper prices broke through $6180 / ton at the beginning of the session after a narrow range of shock finishing, and then quickly tested to the highest level of the day of 6242.
5 US dollars / ton, then bulls feared heights and partially left the market, copper prices fell slightly to around $6197, but in the evening the United States released existing home sales data for the sixth consecutive month of decline, the dollar index fluctuated downward below 96, Copper prices climbed again to a high of $6240.
5 / ton, and copper prices fell back to around $6210 / ton at the end of the session, closing at $6222 / ton, up 1.
47%
on the day.
On Friday, Shanghai copper evening gap opened high, opened at 50420 yuan / ton, opened up to the highest point of 50500 yuan / ton, the beginning of the short into the flat, copper price oscillated below the daily moving average, and then climbed to the daily average after a narrow range around 50340 yuan / ton, bulls were afraid to reduce their positions, pulled down copper prices to the lowest point of 50180 yuan / ton, the plate copper price tried to test above the daily moving average, but failed, maintained around 50280 yuan / ton, and finally closed at 50260 yuan
。
Last week, U.
S.
retail sales in September fell short of expectations, the U.
S.
budget deficit rose to a six-year high, the dollar index fell below the 95 mark, and then the minutes of the Federal Reserve meeting pointed to further interest rate hikes, the dollar index rose to 95.
99, the dollar index broke through the 96 mark over the weekend, London copper fell from this week's high, the center of gravity gradually shifted, from a high of 6342 US dollars / ton at the beginning of the week to a low of 6121.
5 US dollars / ton, down 220.
5 US dollars / ton, a weekly decline of 1.
61%.
LME copper stocks fell 16,100 mt this week to 154,000 mt, at a record low
.
After the London copper closed in a four-day negative position, the center of gravity fell below the middle band of the Bollinger orbit, testing down 6121.
5 US dollars / ton, the current copper price is seeking the bottom support of the 40-day and 60-day moving averages, and the Shanghai copper below is supported by the 5-day moving average, MACD green energy column first appeared
.
In terms of spot, the discount narrowed slightly at the end of last week, as the early import copper is gradually digested, this week is facing the last time of long single trading, it is expected that today's London copper 6150-6230 US dollars / ton, Shanghai copper 49900-50500 yuan / ton, spot report discount 50 yuan / ton ~ premium 20 yuan / ton
.
