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On Wednesday, the Shanghai copper main 1712 month contract opened in a narrow range of volatility, the price suddenly crashed in the afternoon, fell to a low of 54240 yuan, rebounded slightly before the close to narrow the decline, closed at 54590 yuan, down 710 yuan, down 1.
28%, index positions decreased by 20,026 lots to 732,000 lots
.
Externally, LME copper opened slightly higher at $7,052.
5 in March, then the price fluctuated, crashing to $6,925 in the afternoon, and finally closing at $6,966.
5, down $76.
5, or 1.
09%.
In terms of the market, Shanghai copper did a pullback and sorting, the far month price spread narrowed significantly, the holder of the premium is difficult to hold, the morning market from the good copper first quotation declined, the transaction is less than 300 yuan / ton and the performance is gradually farther away, flat water copper is difficult to maintain a stable premium of 200 yuan / ton, the decline quickly to about
180 yuan / ton.
The downstream continues to stop, only maintaining rigid demand
.
The delivery of long orders is basically over, trade demand is also fading, there are few market inquiries, the market is wide and volatile, and the transaction is not as good as before
.
Shipments and cash exchange gradually increased before the end of the month, but due to the small number of good copper goods or the reduction was limited
.
In the afternoon session, copper fell sharply, the downstream wait-and-see mood was stronger, the inquiry decreased, the transaction was light, the premium continued to decline, and the center of gravity of copper prices moved down rapidly
.
In terms of stocks, COMEX copper stocks 204606 short tons as of October 24, an increase of 1,444 tons from October 23; LME copper stocks were 281,550 tonnes, down 1,900 tonnes from 23 October; As of October 25, SSE futures inventories were 29,915 tons, down 4,458 tons
from the previous day.
The current rise and fall of the copper market depends on whether the Greenhua seat continues to reduce its position, which previously accounted for 20%
of the copper market.
From the perspective of futures, Shanghai copper's main MACD golden fork and KDJ dead fork are subject to the pressure of the previous high point during the day, and the overall trend has signs of turning short, continue to pay attention to downstream procurement
.
