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Shanghai copper plunged slightly in the morning, the market was weak and volatile, and the trend picked up significantly in the afternoon, closing up 0.
67%.
Macro pressure remains, but the A-share market picked up significantly during the day, supported by improved financial data, and Shanghai copper edged higher
.
On the macro front, overnight, the IMF once again lowered its global economic growth forecast, and macro pressure returned, suppressing the performance
of non-ferrous metals.
However, domestic stable growth policies are frequent, China's September financial data released yesterday improved significantly, coupled with a significant rebound in the A-share market during the day, and the market atmosphere improved slightly in the afternoon
.
The market continued to be cautious ahead of midweek US inflation data, while domestic social finance data continued to improve, which also supported
copper prices.
In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 63750-63850 yuan / ton, the average price of 63800 yuan / ton, down 175 yuan / ton from the previous trading day, Shanghai copper 2210 contract 250-200 yuan / ton
.
Today's spot market traded averagely, with premiums down 185 yuan/ton
from yesterday.
The basis continued to widen, and spot premiums followed
downward.
The mainstream period flat water copper sticker is about 240 yuan, good copper liter about 230 yuan transaction is relatively intensive, the market reporting in the second period is reduced, the discount is slightly reduced, wet and poor copper are rare
.
In terms of inventory, LME copper inventories have ended a 15-year streak, but yesterday there was accumulation again, but it can be seen that the recent registration of warehouse receipts is still declining, the proportion of cancellations has soared, and whether inventory can improve accumulation is a question mark
.
Shanghai copper warehouse receipt inventories stabilized but recovered yesterday
.
Guotai Junan Futures said that the inventory of domestic warehouse receipts increased, the inventory of copper warehouse receipts rebounded, and the proportion of warehouse receipts cancelled increased
.
Domestic spot premiums to futures premium to discount, limiting the space
above the price.
