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On Thursday, the main contract of Shanghai copper 1612 contract around 37800 yuan / ton around the weak finish, the end of the day closed at 37820 yuan / ton, down 0.
29%, but the current Shanghai copper main force is still stable above the moving average group, the rebound pattern remains good
.
In terms of term structure, the Shanghai copper 1611 contract and the 1612 contract have a negative spread of 30 yuan / ton
.
Externally: Asian market London copper bottomed out, of which 3 months London copper only slightly fell 0.
27% to 4743 US dollars / ton, basically maintained this week's gains, but at present London copper has not broken through the upper moving average suppression, its technical form is still weaker than Shanghai copper, short-term operating range focus on 4650-4850 US dollars / ton
.
In terms of holdings, on October 25, the position of London copper was 317,000 lots, an increase of 1,887 lots, which was at a low level during the year, indicating that the sentiment of the copper market is still sluggish
.
Macro: The Asian dollar index stabilized around 98.
6 as short-term U.
S.
economic data was strong, and the probability of a Fed rate hike in December was now as high as 70%.
The total number of new home sales in the United States in September was 593,000 annualized, close to the nine-year high hit in July and slightly below the forecast of 600,000, while the preliminary US services PMI in October was 54.
8, higher than expected and the previous reading, indicating that the services sector continued to expand
.
Focus on UK Q3 GDP
tonight.
In terms of industry, data from the International Copper Research Group (ICSG) shows that the global refined copper market is expected to have a shortage of 8,000 tons in 2016 and 163,000 tons in 2017
.
Market: On October 27, Shanghai electrolytic copper spot reported a premium of 130-190 yuan / ton, and the transaction price of flat water copper was 37920-38020 yuan / ton
.
The full-line wait-and-see of middleman speculation has continued to plunge the current copper premium
.
Downstream buying continued to move less, even if it was just needed, waiting for lower quotations
for the market and the premium discount.
The Shanghai copper 1612 contract oscillated during the day, confirming the previous day's gains, but Shanghai aluminum and Shanghai zinc remained relatively strong, and the depreciation of the yuan stimulated inflation expectations
.
At present, Shanghai copper is running again above the moving average group, and copper prices are still expected to rise
.
In operation, it is recommended that the Shanghai copper 1612 contract can be backed above 37,300 yuan, and the entry is concerned about around 37,700 yuan, with a target of 38,500 yuan / ton
.
