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Trade Service
On Wednesday, the main contract of Shanghai copper 1711 jumped 580 points low to 51120 yuan / ton, intraday high and fall, but the highest point did not repair the gap, intraday trading at 51510-50980 yuan / ton, the end of the day closed at 51000 yuan / ton, down 1.
35% per day, hitting a low in nearly a month
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1710 contract and the 1711 contract narrowed to 30 yuan / ton, indicating that the forward contract has increased
its willingness to decline.
In the external market, Asian Lun copper continued to fall under pressure, of which the 3-month London copper traded at 6693-6602 US dollars / ton, down 1.
03% to 6603 US dollars / ton, hitting a low since August 23 this year, and the performance slightly resisted the decline in Shanghai copper
.
In terms of positions, on September 11, the position of London copper was 355,000 lots, an increase of 3,517 lots per day, which was an increase for five consecutive trading days, and the recent performance was an increase in positions and declines, indicating that the short-term long-short divergence increased, dominated by bears
.
On the macro front, the Asian dollar index rebounded weakly, continuing to trade around 91.
7, and faced technical rebound demand
after the short-term dollar index continued to fall.
In addition, the People's Bank of China (PBOC) released zero returns in the open market, and the overall capital level remained stable in September, while paying attention to China's credit data
during the day.
In terms of copper industry information, Chile's copper exports in July increased by 5.
5% year-on-year to a six-month high
.
Escondida's July copper output rose 16%
year-on-year.
In terms of the market, on September 13, Shanghai electrolytic copper spot contracts reported a premium of 40 yuan / ton - 80 yuan / ton of premium, flat water copper trading price of 51080-51260 yuan / ton, and premium copper trading price of 51100-51280 yuan / ton
.
Shanghai copper has been close to 51,000 yuan / ton, the price difference has expanded to 140 yuan / ton in the next month, the market quotation is slowly rising, the downstream is actively inquiring, buying is increasing, wet copper is scarce, the end of the session has risen slightly, flat water copper continues to be fully favored, the transaction is significantly better than good copper, good copper rose to 80 yuan / ton line, trade speculation profit margins are under pressure, and the premium is suppressed
.
The intraday market transaction is active, the proportion of bargain hunting replenishment is relatively large, and the downstream initiative is strong
.
During the day, the Shanghai copper 1711 contract gaped low, closing down to 51,000 yuan / ton, while London copper continued to fall under pressure after the Asian market closed, falling below the integer mark of 6600 US dollars / ton, because London copper stocks soared by 27850 tons again, increasing the risk
of copper price decline.
In operation, it is recommended that the Shanghai copper 1711 contract maintain a short idea, and can hold short orders below 51,500 yuan, with a target of 50,500 yuan
.
