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On Friday, the main 1902 contract of Shanghai copper opened in the morning at the intraday high of 49230 yuan / ton, within 2 minutes copper prices again tested the intraday high of 49230 yuan / ton was blocked from falling, the beginning of the session copper price in 49150 ~ 49230 yuan / ton narrow consolidation, amplitude does not exceed 50 yuan / ton, London copper weakened, Shanghai copper in the drag of the short market from 49220 yuan / ton all the way down to 49030 yuan / ton, long and short performance both boosted copper prices, copper prices recovered part of the intraday decline, and at 49060 ~ The range of 49110 yuan / ton was slightly consolidated
again.
In the afternoon, copper prices fell from 49,080 yuan / ton all the way to a daily low of 48,890 yuan / ton, falling below the 49,000 yuan / ton mark, closing at 48,890 yuan / ton, down 300 yuan / ton, or 0.
61%.
In terms of external trading, during the Asian session, London copper opened at 6148 US dollars / ton, the opening around the daily moving average narrow finishing, during the high of 6159 US dollars / ton, and then copper prices quickly fell to 6130 US dollars / ton around the narrow range, until the end of the Asian session, London copper maintained stability in the range of 6117-6135 US dollars / ton, into the European session, because the US index from around 97.
1 quickly pulled, copper prices all the way down, as of 16:30, London copper reported 6089 US dollars / ton
.
In terms of the market, Shanghai copper is temporarily difficult to get rid of the range shock pattern, and continues to sort out at 49100 yuan / ton line
.
Near delivery, the price difference narrowed to around 10 yuan / ton in the next month, the market is eager to ship for cash, and the premium continues to decline, and it is difficult to stop the decline
.
In the morning, the quotation premium was 20~60 yuan / ton, the source of goods continued to flock out, good copper generally fell to around 40 yuan / ton, flat water copper was adjusted to 10 yuan / ton, but the transaction did not improve
.
Next Monday is the delivery day of this month, after the change of month, this year's long order has gradually come to an end, the market will gradually enter the year-end settlement, under the pressure of funds, trading will be more down, the trend of water may be reversed
.
In terms of inventories, from the perspective of global inventories, the round of destocking that began at the end of March is still continuing, which is the main factor
supporting copper prices at present.
Smelting capacity in India, the Philippines and, more recently, Chile has been disrupted, and new capacity has not yet been released, leading to a passive demobilization
of global inventories.
The continuous decline in inventories has made the LME spot premium rise for a while, but the recent decline in LME premium has continued to pay attention to
in the later stage.
In addition, on November 2, LME stocks suddenly increased by 44,000 tons, which requires vigilance for the possibility
of hidden stocks.
Overall, under the pressure of the domestic and foreign economy, the trend of weak demand is difficult to change, and the general direction of copper prices remains weak
.
However, in the short term, the interference on the supply side determines the rhythm of the decline in copper prices, and it is recommended to rebound and sell short one
after another.
