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LME copper recovered from its low on Friday, and as of 15:00 Beijing time, the three-month London copper was at $5704.
5 / ton, up 0.
17%
per day.
The main 1910 contract of Shanghai copper rebounded from the low, with the highest 46470 yuan / ton and the lowest 46160 yuan / ton during the day, and the closing price of 46400 yuan / ton, up 0.
19% from the closing price of the previous trading day; The trading volume was 118,300 lots, an increase of 14,798 lots per day, and the position was 241,600 lots, a daily decrease of 2,682 lots
.
The basis was reduced to -100 yuan/ton; The price spread of Shanghai copper in 1909-1910 remained at -40 yuan / ton
.
Market Focus: Kudlow said U.
S.
and Chinese representatives had a "productive" call on trade talks on Wednesday, with one more in the coming days
.
Fed Chairman Jerome Powell will speak on Friday at 22:30 Beijing time on the challenges facing
monetary policy.
Chilean regulators said Thursday that Teck Resources' Chilean Quebrada Blanca copper mine, which produces 300,000 tonnes
of metal per year, was fined $1.
2 million for violating environmental regulations.
In recent years, Chile's national environmental policy has become stricter
.
Spot analysis: On August 23, spot 1# electrolytic copper was quoted at 46270-46330 yuan / ton, with an average price of 46300 yuan / ton, down 115 yuan / ton
from the previous trading day.
The market spot quotation maintained stability, the holder continued the previous day's quotation premium 70-100 yuan / ton, flat water copper holders quoted 70 yuan / ton, some sources can be reduced to 60 yuan / ton when the transaction buying slightly increased, and the downstream continued to maintain rigid demand
.
The weekend is coming, the monthly long order is nearing the end, the supply performance is abundant, the spot quotation is stable, the market consumption is weak, and the activity of the trade market is difficult to increase, which makes the market quotation stalemate again
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 71,316 tons on Friday, an increase of 1,536 tons per day; On August 22, LME copper stocks were 328,250 tonnes, down 1,325 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract were 69153 lots, minus 2376 lots per day, short positions were 87538 lots, daily increase of 498 lots, net short positions were 18385 lots, daily minus 2874 lots, more short positions, net space decreased
.
On August 23, the main force of Shanghai copper 1910 tested the low and rebounded
.
The US 8 PMI fell into contraction territory, and the Fed's interest rate cut expectations weakened, which increased market panic, coupled with the increase in midstream copper inventories, put pressure on copper prices, but Chile's tightening environmental protection policies, increased copper mine supply concerns, and the easing of trade between China and the United States supported copper prices
.
In terms of spot, the weekend is coming, the monthly long orders are nearing the end, the supply performance is abundant, the spot quotation is stable, the market consumption is weak, and the activity of the trade market is difficult to increase, which makes the market quotation stalemate again
.
Technically, the main 1910 contract of Shanghai copper runs below the moving average group, and short-term volatility is expected to be weak
.
In operation, it is recommended that the Shanghai copper 1910 contract can be at a high near 46,500 yuan / ton, and the stop loss is 47,000 yuan / ton
.
