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On Thursday, the main contract of Shanghai copper 1911 opened at 47320 yuan / ton in the morning, and the opening fluctuated down below the daily moving average to 47200 yuan / ton, and then immediately recovered, and the center of gravity briefly stabilized around 47250 yuan / ton until the end
of noon.
The afternoon opening immediately rushed to the highest level of the day of 47340 yuan / ton, the high level is difficult to maintain, the center of gravity shock fell back to around 47300 yuan / ton, and the end of the session closed at 47290 yuan / ton, down 100 yuan / ton, down 0.
21%.
Shanghai copper continued to maintain a volatile pattern during the day, with a fluctuation range of 150 yuan / ton, as investors are currently focusing on the Fed's interest rate decision and the European Central Bank's policy meeting, thus affecting the strength of the US dollar, and the recent trend of Shanghai copper is slightly stronger, and the overall copper price has remained stable around
47300 yuan / ton.
In the external market, Apanlon copper opened at 5818 US dollars / ton, and after the opening, the center of gravity of copper prices moved down, and touched 5792 US dollars / ton
lower in the morning.
Due to concerns about the impact of the Peruvian strike on copper mine supply, London copper began to rise in a straight line around 11 o'clock, and began to fall after testing at 5833.
5 US dollars / ton, and copper prices briefly fluctuated
around the position of 5820 US dollars / ton.
After entering the European session, the US dollar index strengthened, affected by it, copper prices fell again, and the center of gravity returned to around
5805 US dollars / ton after testing a low of 5795.
5 US dollars / ton.
In terms of the market, Shanghai copper fell under pressure again to 47200 yuan / ton, the performance of the spot market continued to be deadlocked, buying was general, and the market maintained the previous day's quotation premium 110 ~ premium 140 yuan / ton
.
Pingshui copper is unwilling to reduce shipments, the price is more than 110 yuan / ton of premium, if there is a low-price source in the market is still favored by traders, good copper quotations tend to maintain stability, the transaction is in the first line of 130 yuan / ton, the downstream before the holiday still maintains rigid demand, wet copper maintains a premium of 50 ~ 70 yuan / ton quotation
.
The futures market is also difficult to get rid of the range shock pattern, the market has the willingness to receive goods at a low price, but the willingness of the holders to hold the price is clear, and the supply and demand sides still have differences, showing a deadlock
.
In the afternoon, the market still maintained a stalemate pattern, the pre-holiday inventory increment was limited, the holders maintained a strong willingness to hold the price, and the afternoon quotation remained unchanged, and it was difficult to find low-priced goods
.
At present, Shanghai copper is closing in the sun, the upper pressure 5-day moving average, MACD red column has been shortened, the technical impulse energy is insufficient, vigilance of Shanghai copper fall risk
.
Wait for the guidance of the external market to test whether Shanghai copper can continue to hold the 47,300 yuan / ton mark
.
The fundamentals of electrolytic copper are still good overall, and under the influence of maintenance in September, the output of electrolytic copper rows has declined slightly, and the overall supply side is still in a contraction pattern
.
At the same time, the seasonal improvement of consumption has opened, the marginal improvement in the power grid, automobiles and other fields can be expected, and the electrolytic copper inventory may be dematerialized
in the middle of the month under the condition of good fundamentals.
The expectation of improved fundamentals gives copper price bottom support, and the macro is generally more positive, so although the current upward momentum is insufficient, the risk of a sharp decline is also small, and the bottom position can continue to hold
.
