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Today's Shanghai copper main contract 1612 contract closed up strongly, closing at 38270 yuan / ton at the end of the day, up 1.
19% to 38270 yuan / ton, and the daily closing price hit a new high
since August 1 this year.
At present, the main contract of Shanghai copper has effectively stabilized above the moving average group, and the rebound pattern has maintained well
.
In terms of term structure, the spread between the Shanghai Copper 1612 contract and the 1701 contract was flat
.
Externally: Asian Lun copper oscillated slightly, of which 3-month London copper rose 0.
14% to 4794 US dollars / ton, effectively stabilized above the moving average group, maintained this week's gains, and the upper rebound resistance focused on the previous high of 4900 US dollars / ton
.
In terms of holdings, on October 26, the position of London copper was 314,000 lots, a daily decrease of 2,921 lots, which was at a low level during the year, indicating that the sentiment of the copper market is still sluggish
.
Macro: The Asian dollar index oscillated around 98.
7, and the number of initial jobless claims in the United States for the week of October 22 was 258,000, higher than the expected 255,000, below 300,000 for 86 consecutive weeks, and the longest consecutive cycle since 1970, with the previous value revised from 260,000 to 261,000
.
In addition, the preliminary annual GDP of the UK rose by 2.
3% in the third quarter, the highest increase in more than a year, and higher than expected and the previous reading
.
In terms of industries, Kazakhstan produced 97,100 tonnes of copper from January to September this year, up 66% from 58,400 tonnes in the same period last year, as its two major mines increased production
.
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
.
The Shanghai copper 1612 contract rose strongly during the day, achieving a supplementary gain, as Shanghai aluminum and Shanghai zinc remained relatively strong, and the depreciation of the renminbi stimulated inflation expectations
.
At present, Shanghai copper effectively runs above the moving average group, and the copper price upward trend is obvious
.
In terms of operation, it is recommended that the Shanghai copper 1612 contract can be backed above 37,700 yuan, and the entry is around 38,000 yuan, with a target of 38,800 yuan / ton
.
