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Today's Shanghai copper main contract 1612 contract around 37300 yuan / ton around narrow fluctuations, intraday operation range of 37400-37160 yuan / ton, the end of the close at 37320 yuan / ton, down 0.
13% daily, the current Shanghai copper fell back to the moving average interweaving operation, below the support focus on the integer mark of 37000 yuan / ton
.
In terms of term structure, the copper market turned into a negative arrangement of near high and far low, and the negative spread between Shanghai copper 1611 contract and 1612 contract narrowed to 20 yuan / ton
.
Externally: Asian Lun copper rushed back down, of which 3-month London copper slightly rose 0.
32% to 4690 US dollars / ton, down 3.
5% from last week's high of 4860 US dollars / ton, its technical form is weaker than Shanghai copper, short-term running below the moving average group, the risk of decline increases, and the support below is 4600 US dollars / ton
.
In terms of positions, on October 13, the position of London copper was 328,000 lots, an increase of 5,374 lots per day, indicating that after the copper price declined, the divergence between long and short increased, but the bears currently have the advantage
.
Macro: The Asian dollar index stabilized around 98 as U.
S.
retail sales performed stronger than the previous reading in September and expectations of a Fed rate hike this year climbed
.
This week, the market is focused on China's third-quarter GDP on Wednesday, and expectations are now widely divided
.
In terms of industry, on October 14, Zijin Mining Group announced that 9.
4 million tons of copper resources were newly discovered in the Kakula section of the Kamoa copper mining area in the Democratic Republic of the Congo, bringing the overall copper resources of Kamoa to 33.
4 million tons, equivalent to 1/3
of China's current copper reserves.
In terms of market: on October 17, Shanghai electrolytic copper spot traded 60 yuan / ton - 100 yuan / ton for the monthly contract, and the trading price of flat water copper was 37390 yuan / ton - 37430 yuan / ton
.
Shanghai copper contract last trading date copper plate is mild, coupled with the basis slightly narrowed compared with last Friday, only maintained at 20 yuan / ton, now copper premium quotation stable at 90 yuan / ton -100 yuan / ton, good copper trading slightly better than flat water copper, due to a small amount of speculators involved, downstream has not seen a large number of market, the overall market transaction is limited, it is generally expected that the transaction after the change of month is difficult to change
.
The Shanghai copper 1612 contract fluctuated in a narrow range during the day, mainly suppressed by China's short trade data and the strong rise of the US dollar index, and the current copper technical form turned weak, and short-term operations need to be cautious
.
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
.
