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Trade Service
Copper market morning comment: Most of the non-ferrous metals in today's daily trading are red, and the performance of the main contracts at the end of the day is as follows: international copper rose 1.
72%, Shanghai copper rose 1.
55%.
Yesterday's daily copper price maintained last Friday's rally, the trend first rose and then declined, continuing to show a situation
of long positions to increase the entry.
In the evening, the LME wrote off warehouse receipt data soared, driving the night session to open
higher.
With the recent increasing spread of the Delta virus, investors are worried about the continued economic recovery is hindered, expectations of the Federal Reserve tightening liquidity ahead of schedule have eased, market sentiment has improved slightly, and copper has stopped falling and rebounded
.
In addition, the preliminary value of German August PMI released in the afternoon was less than expected, and the external market retreated, dragging down the Shanghai copper main contract at the end of the day slightly weak, giving up some of the day's gains, but the daily moving average support below is still strong
.
In terms of inventory, the LME warehouse receipt cancellation data soared to 57,000 tons, and SHFE continued to destock.
Import gains and losses remained positive, but narrower
than last week.
Domestic spot premium fell slightly, still maintained a high level, 09-10 contract continued to back structure
.
Overall, there is support below copper prices, market sentiment is still in a state of vigilance, and this Friday's Jackson Hole global central bank annual meeting may guide the market in the future
.
The judgment
that a wide range of volatility is maintained unilaterally and there is a downside risk.
