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    Home > Chemicals Industry > New Chemical Materials > The Shanghai copper shock slipped showing that the rally continued to be blocked

    The Shanghai copper shock slipped showing that the rally continued to be blocked

    • Last Update: 2022-12-12
    • Source: Internet
    • Author: User
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    On Monday, the market bearish sentiment fell slightly, bulls bargain building more confidence is obviously insufficient, Shanghai copper 1811 contract oscillation declined, the end of the day closed at 47460 yuan / ton, down 0.
    46%, copper is still running below the main moving average group, the risk of decline is greater
    In the external market, as of 15:26 Beijing time, the three-month London copper was reported at 5860 US dollars / ton, down 0.
    34% on the day, and the lower support focused on 5800 US dollars / ton

    Shanghai copper

    In terms of spot, on September 10, Shanghai electrolytic copper spot reported a premium of 20-100 yuan / ton for the current month's contract, and the transaction price of flat water copper was 47710-47840 yuan / ton, and the copper market import window maintained a profitable state, which made holders enthusiastically ship
    In the second trading session, flat water copper was reduced to 20 yuan / ton of premium, and there was still room for price pressure, and the reduction range of good copper was expanded to about 60 yuan / ton, and the price of wet copper was extended to 40 yuan / ton
    from flat water.
    Pay attention to the change in the ratio in the near future

    On the news front, the Asian dollar index stabilized around 95.
    4, maintaining Friday's overnight rally as stronger-than-expected U.
    August non-farm payrolls data consolidated expectations of a Fed rate hike in September.
    In addition, China's August CPI rose 2.
    3% year-on-year, while higher than the expected 2.
    1% and the previous value of 2.
    1%, and the PPI fell slightly to 4.
    1% year-on-year, lower than the previous value of 4.
    6%, indicating that the demand for industrial products is still relatively insufficient
    In terms of industry, Russian customs data showed that Russian copper exports from January to July this year were 380,000 tons, up from 316,600 tons
    in the same period last year.

    Overall, copper futures fell in oscillation, indicating that the rebound continued to be blocked, as China's trade surplus narrowed significantly in August, indicating that the negative impact of the Sino-US trade post was visible
    Operationally, it is recommended that the Shanghai copper 1811 contract is backed by 47,900 yuan at a high altitude, with an entry reference of 47,600 yuan / ton, and a target of 47,000 yuan / ton

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