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Overnight, the Shanghai copper 1611 contract opened low at 36490 yuan / ton, after the opening of the fierce competition for long and short, copper prices fell to 36400 yuan / ton, then the dollar dived, bears made up a lot, copper prices rose straight to 36580 yuan / ton, late again fell to give up all gains
.
Finally, Shanghai copper closed at 36420 yuan / ton, down 60 yuan / ton
.
Overnight Shanghai copper rushed back down, moving average narrow range, it is expected that there will be no big move today waiting for the guidance of the dollar trend, it is expected that Shanghai copper will fluctuate
within 36300 yuan / ton to 36600 yuan / ton today.
In terms of market: on September 1, Shanghai electrolytic copper spot reported a premium of 50-90 yuan / ton, and the transaction price of flat water copper was 36440-36500 yuan / ton, and the copper premium continued to rise
.
Due to the continued lack of wet copper quotations in the market, traders speculate and turn to the pursuit of flat water copper, and flat water copper quotations are 60-70 yuan / ton
.
The intraday trading activity is mainly contributed by traders, although the downstream has not entered the market on a large scale, but the inquiry is active, and the market may continue to strengthen
when the premium is nearly 100.
Inventories: As of August 26, the previous Shanghai copper inventory was reported at 165803 tons, down 6,816 tons from last Friday, and far lower than the average inventory value of 256613 tons during the year, indicating that the pressure on domestic inventories has weakened
relative to foreign countries.
Summary of views: Overnight, the main contract of Shanghai copper opened low and fell back to 36350 yuan / ton, and short-term copper stocks rose sharply, which still put obvious pressure on copper prices, making copper prices much weaker than other base metals
.
It is recommended that the Shanghai copper 1610 contract be cautiously short below 36750 yuan, with a target of 35800 yuan
.
