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On Friday, the Shanghai copper main 1811 contract opened at 47640 yuan / ton in the morning, long positions increased at the beginning of the session, copper prices touched 47780 yuan / ton, and then in a narrow range of 47730 yuan / ton, into the second trading session, copper price center of gravity moved down to around
47670 yuan / ton 。 The afternoon outside the market fell, the afternoon opening of the domestic follow-up, short pressure, straight line low to 47420 yuan / ton, the afternoon basically along the 47500 yuan / ton oscillation, during the period of the day the lowest 47400 yuan / ton, the end, short position reduction, copper prices rose slightly, closed at 47580 yuan / ton, up 60 yuan / ton, up 0.
13%.
In terms of external trading, London copper opened at 5915 US dollars / ton, the US dollar index weakened at the beginning of the session, copper prices touched 5936 US dollars / ton, subsequently, the center of gravity of copper prices fell, basically along 5920 US dollars / ton narrow range oscillation, amplitude within 18 US dollars / ton, before the afternoon of the Asian market, a large number of long positions reduced, copper prices gave up all the gains, sharply leaked to the lowest of the day around 5831 US dollars / ton
.
In the afternoon, copper prices recovered to around
$5,870/mt.
In terms of the market, the center of gravity of Shanghai copper moved up to hover near the 5-day moving average, and the import profit window continued to open, so that the willingness of holders to ship for cash increased, and the source of high-premium water supply was further reduced, due to the abundant supply of goods, there were many sellers and few receivers, but because the price difference with the main force remained around 200 yuan / ton in the month, the trade speculative atmosphere was still not good, downstream on-demand procurement, close to delivery, the import source continued to increase the trend, the price spread inverted the next month and there was a trend of basis expansion, and the plate was under pressure.
The bears are still the market leader before the 200 billion tax increase in the Sino-US trade war, which makes the spot market fearful, and the premium may be further lowered, and be wary of discounted quotations
.
In the afternoon, the market retreated, the import window was still open, the supply was abundant, and the holders dumped a large number of goods, but there was no interest in buying downstream, traders expected lower quotations, and the transaction became more difficult
.
In terms of news, the US "small non-farm" ADP employment data hit a 10-month low in August, while the Federal Reserve said that it did not see inflationary pressure, and its speech was dovish, and the dollar continued to weaken below 94.
85 during the day
.
Shanghai copper has rebounded from a low level after two consecutive consecutive sunshine, and is currently winding around the 5-day moving average
.
Focus on the final year-on-year and quarter-on-quarter GDP of the Eurozone Q2, the US unemployment rate for August and the US non-farm payrolls for
August.
Watch for guidance on changes in the US dollar
.
