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On Thursday, copper prices fluctuated, long and short trading cautious, Shanghai copper volatility is strong, CU1901 contract trading range of 49260-49710 yuan / ton, the end of the day closed at 49570 yuan / ton, up 0.
36%
on the day.
In the external market, as of 15:32 Beijing time, the three-month London copper was reported at 6242.
0 US dollars / ton, up 0.
14% on the day, and its upper pressure level focused on 6300.
0 US dollars / ton
.
In terms of the market, the low level of Shanghai copper rose slightly, hovering at 49,500 yuan / ton line, holders maintained a rising mood, morning market quotations rose 70-130 yuan / ton, the plate rose slightly, and the near-month contract almost no spread, so that speculative traders lack room to operate, especially good copper lack of interest, the market willingness to receive goods significantly cooled down compared with the previous day, holders have no choice but to take the lead in reducing good copper quotations at 110-120 yuan / ton, downstream bargain replenishment after stopping mostly, flat water copper is difficult to have room for price reduction, Concentrated on the premium 60-70 yuan / ton, wet copper quotation maintained stability in the previous day's quotation at 140-110 yuan / ton
.
Following the emergence of downstream concentrated replenishment, copper prices rebounded slightly during the day, and the downstream returned to cautious rigid demand, and it is difficult to form a positive response to the market after the copper premium is raised, and the holders still have certain expectations for flat water copper to buy, and the market supply and demand sides may fall into a tug-of-war situation again this week
.
In terms of news, the Asian dollar index was weak, now trading around 96.
620, affected by the rise in the US stock market, the market risk aversion has improved, and the dollar index weakened
slightly.
In terms of industry, the International Copper Research Group (ICSG) said in its latest monthly report that the global refined copper market was short of 31,000 tonnes in August 2018 and 84,000 tonnes
in July.
The global copper market was short of 259,000 tonnes from January to August, compared with a shortfall of 98,000 tonnes
in the same period last year, ICSG said.
Global refined copper production in August was 1.
96 million mt and consumption was 1.
99 million mt
.
Shanghai copper volatility was strong during the day, due to the weakening of the US dollar; In terms of the spot market, the downstream has returned to cautious rigid demand, and it is difficult to form a positive response to the good copper premium and then lift the market, while holders still have certain expectations for flat water copper to buy, and the market supply and demand are still in a tug-of-war
.
Operationally, it is recommended that the CU1901 contract can consider going long around 49500 yuan / ton, and the stop loss refers to 49200 yuan / ton
.
