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Today's Shanghai copper main contract 1612 contract oscillation slightly rising, intraday trading at 37410-37200 yuan / ton, the end of the day closed at 37400 yuan / ton, up 0.
21%, the current Shanghai copper fell back to the moving average intertwined operation, below the support focus on the 37000 yuan / ton integer mark
.
In terms of term structure, the copper market turned to a negative arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1611 contract and the 1612 contract was 10 yuan / ton
.
Externally: Asian Lun copper oscillation higher, of which 3-month London copper slightly rose 0.
65% to 4704 US dollars / ton, its technical form is weaker than Shanghai copper, short-term running below the moving average group, the risk of decline increases, the lower support focuses on 4600 US dollars / ton
.
In terms of positions, on October 14, the position of London copper was 327,000 lots, a daily decrease of 773 lots, indicating that after the copper price declined, the divergence between long and short increased, but the bears currently have the advantage
.
On the macro front: The Asian dollar index is under pressure and is now trading near 97.
7, but remains close to the seven-month high set this week
.
In September, China added 1.
22 trillion yuan in new renminbi loans, higher than expected and prior, but the M2 money supply increased by 11.
5% year-on-year, slightly lower than expected, and M1 growth rose to 24.
7%, and the spread between the two further widened
.
This week, the market is focused on China's third-quarter GDP on Wednesday, and expectations are now widely divided
.
In terms of industry, it is reported that Kazakhstan's refined copper production from January to September this year increased by 4.
3% year-on-year to 300843 tons
.
Market: On October 18, Shanghai electrolytic copper spot reported a premium of 80-140 yuan / ton, and the transaction price of flat water copper was 37370-37400 yuan / ton
.
After delivery, copper quotations stabilized and rose
slightly.
After the first quarter of the market was closed, traders' speculation was active again, and cost-effective flat water copper was particularly favored, which pushed up the quotations of good copper in the day, reporting a premium of 140 yuan / ton
.
After the long National Day holiday, the willingness of middlemen to replenish stocks has rebounded, and traders are also actively buying zero orders near the delivery of long orders
.
In addition, the downstream dip premium water is purchased on demand, so that wet copper is stable at 30-50 yuan / ton
.
The Shanghai copper 1612 contract oscillated higher during the day, indicating that the market has gradually digested the pressure of the bearish Chinese trade data for September, while from the credit data in September, the domestic monetary policy is still loose, which is conducive to higher commodities
.
But ahead of China's third-quarter economic data, long-short trading is cautious
.
In terms of operation, it is recommended that the Shanghai copper 1612 contract can be backed by 37800 yuan below the sky, the entry reference is 37400 yuan, and the target is 36800 yuan
.
