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Market review, base metals mostly oscillated and rebounded on Friday, and bearish sentiment fell slightly, indicating that bulls are obviously lacking in confidence in bargain hunting
.
The Shanghai copper 1811 contract also bottomed out, closing at 48420 yuan / ton at the end of the day, up 0.
37%
on the day.
Copper is currently running at the intersection of moving averages, indicating caution
in long-short trading.
In the external market, as of 15:30 Beijing time, the 3-month Lun copper was reported at 5991 US dollars / ton, up 0.
02% on the day, and the lower support focused on 5850 US dollars / ton
.
In terms of spot, the import window has been maintaining a stable profit status this week, the import window maintained a profit of around 500 yuan / ton, the price difference inverted 130-150 yuan / ton in the next month, the supply continued to be abundant, the holders of quotations enthusiastically, the morning market quotation discount of 20 yuan / ton - premium 10 yuan / ton
.
Helplessly, individual holders have a strong willingness to exchange cash, take the initiative to reduce the quotation and rush to trade, flat water copper to discount 40 yuan / ton, good copper can be pressed to discount 20 yuan / ton, low discount source transaction is acceptable, good copper transaction is slightly inferior to flat water copper, downstream weekend market replenishment has improved, wet copper quotation maintained stable at discount 80-50 yuan / ton
.
Around eleven o'clock, the price spread narrowed inverted to around
120 yuan / ton.
During the day, a small number of holders have turned to the 1810 contract quotation
in order to facilitate shipments.
Before delivery, the basis of the next month has a greater impact on the quotation, pay attention to the spread and the guidance of the ratio change
.
On the news, the Asian dollar index continued to fall under pressure, indicating that the upper selling pressure was heavier, and it is now trading around
94.
41.
China's fixed-asset investment rose 5.
3% year-on-year from January to August, lower than expected and the previous month, marking a new low
for the sixth consecutive month.
However, the added value of industries above designated size increased by 0.
52% month-on-month in August, partially offsetting the slowdown in the growth of fixed asset investment
.
In terms of industries, Chilean mining company Collahuasi, a joint venture between Anglo American and Glencore, expects the company to produce 545,000 tonnes of copper in 2018 and 524,000 tonnes in 2017, up 21,000 tonnes or 4
% year-on-year.
Overall, the intraday copper oscillation showed that its willingness to decline weakened, as a weaker dollar partially offset the slowdown in China's fixed asset investment
.
Operationally, it is recommended that the Shanghai copper 1811 contract can sell high and low in the range of 48,000-49,000 yuan, with a stop loss of 400 yuan / ton
each.
