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Overnight, the Shanghai copper 1612 contract opened higher at 38390 yuan / ton
.
After the opening slightly lower 38280 yuan / ton, after the external market led the long buying interest increased, Shanghai copper slowly rose above the daily moving average, the end of the short position closed the market, Shanghai copper high touched 38610 yuan / ton, closed at 38530 yuan / ton, up 400 yuan / ton, trading volume decreased 109,000 hands to 74548 lots, warehouse decreased 746 hands to 152384 lots
.
Overnight Shanghai copper opened high and went high, and it is expected to operate in the range of 38350~38600 yuan / ton
today.
In terms of market: on October 28, Shanghai electrolytic copper spot contract reported a premium of 80 yuan / ton - 140 yuan / ton, and the trading price of flat water copper was 38300-38400 yuan / ton
.
Intraday holders high shipments, the supply of copper increased and the copper premium further narrowed, especially good copper more active reduction of the premium to seek transactions, wet copper supply is limited, quotations are relatively firm, a small number of speculators in the morning market price to absorb the source, but downstream in the copper price rebound when rarely enter the market, the overall trading is general
.
Inventory: As of October 28, the previous Shanghai copper inventory reported 102548 tons, a weekly decrease of 15,086 tons, far lower than the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic stocks is much weaker than that of foreign countries
.
Shanghai copper closed strongly at 38,530 yuan / ton on Friday, boosted by optimism in China's demand, and Shanghai copper has effectively stabilized above the moving average group, performing stronger than London copper
.
In operation, it is recommended that the Shanghai copper 1612 contract can be backed above 38,000 yuan to bargain long, and the entry reference is around 38,300 yuan, and the target is 39,000 yuan
.
