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Today, the main contract of Shanghai copper 1712 oscillated and rebounded, sharply recovering the decline recorded in the previous three days, trading at 55410-54140 yuan / ton during the day, closing at 55100 yuan / ton, up 0.
88% per day, closing price close to the high set on October 17, the current Shanghai copper is still effectively stable above the moving average group, the lower support is concerned about 54000 yuan / ton
.
In terms of term structure, the copper market showed a negative arrangement of near high and far low, and the negative spread between Shanghai copper 1711 contract and 1712 contract remained flat to 80 yuan / ton
.
In the external market, Asian Lun copper oscillated and rebounded, of which 3-month London copper traded at 7068-6969 US dollars / ton, up 0.
95% from yesterday to 7040 US dollars / ton, the intraday performance is second only to London nickel, and stronger than other base metals, but the current London copper is still 1.
92%
from the weekly high of 7177 US dollars / ton.
In terms of positions, on October 18, the position of London copper was 342,000 lots, a daily decrease of 1,403 lots, a decrease of two consecutive days, indicating that the high appeared in part of the profit and closed
.
On the macro front, the Asian dollar index extended its rebound and is now trading around 93.
5, sharply cutting the losses of the previous two days
.
In the week ended October 14, the number of initial jobless claims in the United States was 222,000, the lowest since March 1973, and the expectation was 240,000, revised from 243,000 to 244,000
.
The improvement in the US labor market has increased expectations of the Fed's interest rate hike in December, and the probability of a rate hike in December is now as high as 90%.
In terms of industry, data from the Japan Wire and Cable Manufacturers Association showed that Japan's copper cable shipments, including sales and exports, fell 0.
2% year-on-year to 60,000 tons in September, and the actual sales volume in August was 53,639 tons
.
In terms of the market, on October 20, Shanghai electrolytic copper spot contracts reported a premium of 140 yuan / ton - 250 yuan / ton, and the trading price of flat water copper was 54720-55300 yuan / ton
。 Morning market quotations held steady at 160-250 yuan / ton, flat water copper and good copper performance is still divergent, good copper goods less price is strong, flat water copper morning market is still under pressure copper performance deadlock, the second trading session, some lower-end brands relaxed quotations, gradually lowered quotations, after 11 o'clock Shanghai copper soared again 400 yuan / ton, good copper quotations unchanged, low-end flat water copper and wet copper low-key continued to lower quotations, rushing high transactions were suppressed
.
The performance differentiation between brands in the intraday market remains serious
.
During the day, the Shanghai copper 1712 contract rebounded to 55100 yuan / ton, partly driven by the strong rise of Shanghai nickel, but its rise was much weaker than that of Shanghai nickel, because the strength of the US dollar put more pressure on copper prices
.
Short-term copper prices fell into a high oscillation sorting, long and short operations are more repeated, for this reason the author still suggests that the high should not chase long, pay attention to whether the Shanghai copper 1712 contract can break through the upper resistance of 55910 yuan / ton, not broken before the high altitude, the lower support focus on 54000 yuan / ton
.
