The hottest copper price fell into the intersectio

2022-08-24
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Copper prices fell into the moving average intertwined place, highlighting the cautious long and short trading.

on Tuesday, the main contract 1804 of Shanghai copper fell under pressure, with intraday trading at yuan/ton and closing at 53370 yuan/ton at the end of the day, with a daily decline of 0.43%. At present, copper prices are still in the moving average intertwined place, highlighting the cautious long and short trading. In terms of term structure, the positive price difference between the 1804 contract and 1805 contract of Shanghai copper remained at 190 yuan/ton when the oil pump was first operated, indicating the rising willingness of forward contracts

in the external market, Asian Lun copper fluctuated narrowly around $7124/ton, of which the intraday trading volume of Lun copper in three months was $7112/ton, which was basically flat compared with the previous day. At present, Lun copper operates above the main moving average group, and its technical form is stronger than that of Shanghai copper. In terms of positions, on February 23, Lun copper's position was 315000 hands, with a daily decrease of 3217 hands, indicating that short positions actively covered and pushed the copper price higher

in the market, on February 27, Shanghai electrolytic copper spot offered a discount of 190 yuan/ton - 110 yuan/ton for the contract of the month, and the transaction price of Pingshui Copper was yuan/ton. The price difference of Shanghai copper every other month exceeded 200 yuan/ton. The contract price difference between recent months and far months narrowed, and the narrowing of spot discount is the trend of the market trend. Good copper holders in the morning market are eager to support the price, and the quotation discount is 120 yuan/ton - 100 yuan/ton, However, the transaction was still under pressure in the first line of 120 yuan/ton discount in the three months to the end of December. Some traders were willing to receive a good copper discount of about 140 yuan/ton, but the transaction was not easy. Most domestic Pingshui Copper is priced at a discount of 160 yuan/ton, but some imported copper still shows a discount of about 180 yuan/ton, which is still attractive, and the transaction is relatively active. There was a strong atmosphere of price support in the whole market, but there were still price differences between domestic Pingshui Copper and imported copper, with a price difference of about 40 yuan/ton. After a large amount of replenishment in the downstream of the previous day, the downstream receiving volume decreased, but the enthusiasm for trade speculation is still recovering

in the macro aspect, if the Asian dollar index is under pressure to stretch the film, it will need a relatively large decline. The current trading is around 89.74, and the effective operation is below 90. After the quarter adjustment in January, the total number of new home sales in the United States was 593000, with a monthly rate of decline of 7.8%, the lowest since August 2017, which was affected by rising financing costs and winter weather suppressing demand. The market focuses on the initial value of CPI in Germany in February; The Federal Reserve disclosed the transcript of President Powell's congressional testimony

in the industry, Japan's refined copper exports in January were 47562 tons, an increase of 45% year-on-year, of which 15098 tons of refined copper were exported to China, an increase of 35.2% year-on-year

improve product quality and cost competitiveness

within days, the contract of Shanghai copper 1804 fell under pressure to 53370 yuan/ton. The repeated trading in the short-term copper market shows that the long and short operations are still cautious, but the overall rebound pattern has not changed. It is suggested that the 1804 contract of Shanghai copper can hold short and long positions against 53000 yuan, with a target of 54000 yuan/ton

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