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Today's Shanghai copper main contract 1611 contract fell into a high oscillation sorting, the operating range is 37900-37690 yuan / ton, the end of the day stabilized to 37760 yuan / ton, down 0.
26% from yesterday's closing price, the current Shanghai copper effectively running above the moving average group, the upward trend is obvious
.
In terms of term structure, the copper market showed a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1611 contract and the 1612 contract was 20 yuan / ton
.
Externally: Asian Lun copper oscillation declined, of which 3-month London copper edged down 0.
29% to 4842 US dollars / ton, cutting some of the recorded gains, but its rebound pattern maintained well, and the upper rebound resistance focused on 5000 US dollars / ton
.
In terms of positions, on September 22, the position of London copper was 327,000 lots, an increase of 3,444 lots from the 21st, indicating that after the rise in copper prices, bulls followed the trend and paid attention to the sustainability
of the increase in positions in the later stage.
Macro: The Asian dollar index fluctuated in a narrow range and is now trading around
95.
5.
The US Markit manufacturing PMI came in at 51.
4 in September, below expectations and the previous reading of 52, indicating a decline
in US manufacturing activity.
The lack of focus this week, and with the November holiday approaching, long-short trading or relative caution
.
In terms of market: on September 26, Shanghai electrolytic copper spot reported a premium of 90-120 yuan / ton, and the transaction price of flat water copper was 37800-37840 yuan / ton
.
The opening copper report premium is 120 yuan / ton, and the wet copper report premium is 60-70 yuan / ton
.
Intraday traders are actively looking for low-priced supplies, but copper spreads across grades are difficult to widen
.
However, the holders' expectations for downstream pre-holiday stocking are still undiminished, with flat water copper reporting 100-liter water 110 yuan / ton, wet copper reporting 70-liter water 80 yuan / ton
.
Although the overall trading volume of intraday copper was flat, showing the characteristics of Monday, the premium was firm, reflecting the pre-holiday expectations
.
Industry: China's copper concentrate imports in August were 1.
45 million tons, an increase of 25.
91% year-on-year, and the cumulative imports of copper concentrate from January to August were 10.
86 million tons, up 33.
87% year-on-year, of which copper ore imports from Peru were 2.
84 million tons, a year-on-year increase of 94.
99%.
Today's Shanghai copper 1611 contract oscillation slightly fell to 37760 yuan / ton, as copper prices rose and faced technical pullback demand, but the Shanghai copper rebound pattern maintained well
.
At the same time, other surrounding commodities, especially ferrous metals, continued to rise strongly, partially improving market investment sentiment
.
It is recommended that the Shanghai copper 1611 contract can be cautiously long above 37300 yuan, with a target of 38300 yuan / ton
.
