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LME copper continued to rise on Wednesday, and as of 15:05 Beijing time, the three-month London copper was at $5672.
5 / ton, up 1.
11%
per day.
The main 1910 contract of Shanghai copper opened low and higher, with the highest 46620 yuan / ton and the lowest 45730 yuan / ton during the day, and the closing price was 46620 yuan / ton, up 0.
54% from the closing price of the previous trading day; The trading volume was 161,900 lots, an increase of 73,928 lots per day, and the position was 213,400 lots, an increase of 5,476 lots
per day.
The basis was reduced to -280 yuan/ton; The price difference between Shanghai copper in 1910-1911 widened to -10 yuan / ton
.
Market focus: The US ISM manufacturing PMI fell to 49.
1 in August, not only hitting the lowest level since January 2016, but also falling below the boom-dry line
for the first time since August 2016.
US federal funds rate futures showed that traders expected a 10% probability of a 50 basis point rate cut by the Fed in September, compared with 0%
on Friday.
Zambia's 2020 budget should limit the use of mining areas to a maximum of 7.
5%, and Zhejiang weakens the competitiveness
of enterprises.
Spot analysis: On September 4, spot 1# electrolytic copper was quoted at 46300-46380 yuan / ton, with an average price of 46340 yuan / ton, down 160 yuan / ton
from the previous trading day.
After the fall of copper futures, the holders were more willing to raise prices, and the water was raised upwards, and wet copper was slightly raised to the premium of 40 yuan / ton, and some downstream bargains were replenished
.
The limited supply of intraday circulation makes it difficult for traders to have room to reduce prices, the market voice continues to be under the control of sellers, traders and downstream are more active, and the premium may continue to rise
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 74,087 tons on Wednesday, a daily decrease of 1,226 tons; On September 3, LME copper stocks were 330,050 tons, down 5,800 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 64310 lots, a daily increase of 1704 lots, short positions are 79694 lots, a daily increase of 2357 lots, net short positions are 15384 lots, a daily increase of 653 lots, long and short are increased, and net space increases
.
On September 4, the main force of Shanghai copper 1910 opened low and went higher
.
Macroeconomic data performance is weak, market pessimism remains, coupled with the increase in copper inventory performance, copper prices are under pressure, but the Fed rate cut sharp interest rate cut expectations increase, the dollar weakened, and upstream copper processing fees TC continue, copper mine supply tight concerns remain, peak season demand is expected to pick up, which is positive for copper prices
.
In terms of spot, the intraday circulation is limited, traders are difficult to have room to reduce prices, the market voice continues to be under the control of sellers, traders and downstream are more active, and the premium may continue to rise
.
Technically, the trading volume of the main 1910 contract of Shanghai copper has increased significantly, focusing on the pressure above the 47300 position, and it is expected that the short-term high will pullback
.
