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Today's Shanghai copper main contract 1612 contract was weak during the day, closing at 37950 yuan / ton at the end of the day, down 0.
55% from yesterday's close, partly dragged down by the decline in surrounding commodities, of which the Shanghai zinc main contract fell 2.
06%.
At present, Shanghai copper is effectively running above the moving average group, and the upward trend is obvious
.
In terms of term structure, the copper market turned into a negative arrangement of near high and far low, and the positive price difference between the Shanghai copper 1611 contract and the 1612 contract was 10 yuan / ton
.
In terms of external trading, Asian Lun copper fell under pressure, extending the overnight decline, of which 3-month London copper fell 0.
23% to 4814 US dollars / ton, at present London copper is still effectively running above the moving average group, its rebound pattern remains good, the upper rebound resistance focuses on 4900 US dollars / ton
.
In terms of positions, on October 10, the position of London copper was 323,000 lots, a daily decrease of 1,390 lots, indicating that short-term long-short trading is still repeated, and the sentiment of the copper market is sluggish
.
Macro: The Asian dollar index stabilized to around 97.
65, and U.
S.
crude oil futures edged up 0.
35%, basically maintaining this week's gains
.
The market is now focused on the minutes of the September FOMC meeting released in the early hours of Thursday morning, which may reveal the strength of the hawkish camp, and also need to pay attention to China's September trade data
on Thursday.
In terms of industry, it is reported that Fujian Zijin Mountain's daily processing of 45,000 tons of copper mine project was completed and put into operation, and Zijin Mining Minerals copper output will exceed 150,000 tons
this year.
Market: On October 12, Shanghai electrolytic copper spot traded at 90 yuan / ton - 170 yuan / ton for the month's contract, flat water copper trading price of 38020-38100 yuan / ton, and premium copper trading price of 38050 yuan / ton - 38140 yuan / ton
.
Near-delivery holders have increased their willingness to exchange cash, the current copper premium has narrowed all the way, the willingness to raise prices has weakened significantly, supply pressure has surged, and some speculators have entered the market at a low price to absorb low-priced sources, but the downstream is mainly wait-and-see, and the actual transaction is rare
.
The market expects that the current copper premium will gradually approach the delivery level before delivery
.
The Shanghai copper 1612 contract oscillated to 37950 yuan / ton during the day, indicating that even if domestic loans and purchases are frequent, the pressure on copper prices in the short term is relatively limited, as the short-term strong rise in crude oil futures partially improves market sentiment, and technically Shanghai copper maintains a rebound pattern
.
It is recommended that the Shanghai copper 1612 contract can be cautiously long above 37500 yuan, with a target of 38500 yuan / ton
.
