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On Monday, the main 1711 month contract of Shanghai copper opened slightly lower by 51,000 yuan, and then rushed up to 51,400 yuan under pressure, the price maintained in this narrow range, and then rose slightly by 51,640 yuan at the end of the day, closing at 51,530 yuan, down 850 yuan, or 1.
62%, and the index position increased by 4,606 lots to 642,000 lots
.
In terms of external trading, LME copper rose slightly after the opening in March to fall back to $6671.
5, and then the price fluctuated upward, maintaining a narrow range around $6700 in the afternoon, and rebounded sharply before the Asian market closed, and the final price closed at $6728.
5, down $48, or 0.
72%.
In terms of the market, the market trading in the mainstream trading session in the morning is general, the spot copper price has plummeted, the willingness of the holders to hold the price is not strong, the early stockpiling middlemen continue to ship a large number of goods, the market supply is sufficient, the spot copper premium is maintained at C30-B50 yuan / ton, the market enters a wait-and-see state, the downstream reception at the beginning of the week is insufficient, the middleman is not good to buy, the overall trading is general, and the wet copper resources are slightly better
during the day.
In terms of news, the domestic CPI in August rose 0.
4% month-on-month and 1.
8% year-on-year, a year-on-year increase of a new high since February this year; The August PPI rose 6.
3% year-on-year and 0.
9%
month-on-month.
Caixin China's manufacturing purchasing managers' index in August was 51.
6%, 0.
5 percentage points higher than July; the official China manufacturing purchasing managers' index in August was 51.
7%, up 0.
3 percentage points from the previous month.
Overnight last Friday, a large number of long positions closed caused copper prices to fall sharply, but COMEX copper long net long positions rose for 8 consecutive weeks, the highest since early February, and the overall market confidence in long remains unchanged
.
The sharp rise in the aluminum market during the day drove the overall non-ferrous metal rebound, in addition, the appreciation of the RMB has stabilized, and copper prices have bottomed out.
From the perspective of futures, MACD dead cross, KDJ dead cross, Shanghai copper main force back to the 40-day moving average, the support at the gap below is strong, but short-term or maintain the adjustment trend, the upper loss is difficult to quickly recover
.
Continue to pay attention to downstream procurement
.
