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On Monday, the Shanghai copper shock rebounded, the Shanghai copper 1902 contract trading range of 48740-49300 yuan / ton, the end of the day closed at 49230 yuan / ton, up 0.
16%
per day.
In the external market, as of 15:19 Beijing time, the three-month London copper was reported at 6138.
0 US dollars / ton, down 0.
04% on the day, and the support level below it focused on 6100.
0 US dollars / ton
.
In terms of the market, Shanghai copper continued the range shock pattern, sorted out at 49100 yuan / ton line
.
On the last trading day of the Shanghai copper 1812 contract, the delivery day downstream is cautious and still wait-and-see, traders are active, mainly buying on dips, mainly favoring good copper
with low discount.
The market quoted the 1812 contract, good copper premium 70-100 yuan / ton or so, flat water copper quotation is around 40-80 yuan / ton, although the whole market is active in the day, but the transaction is light, the delivery day to the month quotation of the whole line of premium, and tends to close to the delivery premium level
.
The quotation of the next month has been fully discounted, and the holder may struggle
between flat water and a small increase on the first day after the change of month.
On the news front, the Asian dollar was broadly volatile and is now trading around 97.
412, as doubts about a slowdown in global economic growth have risen, which has reduced appetite for stocks and risk assets such as the Asian currency, boosting the dollar market
.
On the industry front, an Indian court on Saturday rejected the Tamil Nadu government's request
to permanently close the Vedanta copper smelter.
The court ordered the state government to submit a new order
agreeing to the renewal within three weeks.
The court also ordered Vedanta to spend Rs 1,000 crore over three years for the welfare
of local residents.
A few months earlier, the Tamil Nadu government had ordered the smelter
shut down because of pollution concerns.
During the day, the Shanghai copper shock rebounded as Sino-US relations showed signs
of warming.
Although the inquiry is active in the spot market, the trading is light, and the delivery date is a premium to the current
month's quotation.
On the technical side, the moving average system is intertwined, and the trading volume and position both decline, indicating that due to the recent continuous volatility of Shanghai copper, the market has shown repeated impacts, the market wait-and-see sentiment has increased, short-term Shanghai copper or mainly volatile, pay attention to the pressure
above the 49500 yuan / ton mark.
