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Today, the main contract of Shanghai copper 1712 rose and fell again, indicating that the upper rebound was blocked again, trading at 52320-51830 yuan / ton during the day, and closing at 51870 yuan / ton at the end, down 0.
5%
on the day.
However, at present, Shanghai copper is still stable above the moving average group, and the technical form is strong
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1711 contract and 1712 contract remained flat to 30 yuan / ton
.
In the external market, the Asian market London copper rushed back down, indicating that the upper selling pressure was heavier, of which the 3-month London copper traded at 6735-6672 US dollars / ton, up slightly 0.
4% to 6696 US dollars / ton, close to the level
of September 12 this year.
In terms of positions, on October 6, the position of London copper was 336,000 lots, an increase of 1,393 lots per day, after the position of London copper fell for three consecutive weeks, during which the copper price oscillated higher, indicating that the willingness of bears to reduce positions was stronger
.
On the macro front, the Asian dollar index extended its overnight decline and is now trading around
93.
5.
In addition, China's Caixin services PMI in September was 50.
6, down 2.
1% month-on-month, hitting a 21-month low, indicating that service sector business activity expanded only slightly in September, combined with the weak performance of Caixin manufacturing PMI in September, which weighed
on market sentiment.
On the industry front, Indonesia's mining minister said on Monday that the validity of the special mining license issued to Freeport Indonesia earlier this year had been extended for three months, until January 2018
.
In terms of the market, on October 10, Shanghai electrolytic copper spot contracts reported a premium of 180 yuan / ton - 260 yuan / ton of water premium, and the transaction price of flat water copper was 52250-52470 yuan / ton
.
Holders insist on high premium, morning market quotation premium 180 ~ 200 yuan / ton, attracting receiving buying, the premium is rising, after 11 o'clock, the high level of the Shanghai copper plate has fallen, the sentiment of receiving goods is further improved, the premium is raised again, flat water copper bottom premium 200 yuan / ton, good copper has been raised to 250 ~ 260 yuan / ton
.
Today's downstream is gradually replenishing sporadically, some traders are forced by the pressure of long-term order delivery, receiving and handing over orders, and on the supply side, the supply is not abundant, and it is difficult to be optimistic about the arrival of the market in the future, and the trading initiative of the market may still be in the hands of
the holders.
During the day, the Shanghai copper 1712 contract rushed back down to 51870 yuan / ton, indicating that there is selling pressure above, especially the resistance around 52500 yuan above Shanghai copper, and short-term attention is paid to whether the resistance of the line can be broken
.
Operationally, it is recommended that the Shanghai copper 1712 contract can be backed by 51500 yuan above the dip, the entry reference is around 51800 yuan, and the target is 52500 yuan / ton
.
