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The Shanghai copper 1810 contract fluctuated slightly overnight, closing at 48830 at the end, and the Shanghai copper was supported at 47500 below it, and the rebound pressure was 50,000 yuan
.
Short-term volatility, no unilateral trend, breaking through 50,000 yuan to go long
.
Copper consumption is still more worrying, and prices may have room
for further decline.
However, it is not advisable to be overly bearish, after all, the decline in copper mine taste and fewer new mines, the future copper supply is still stretched
.
However, due to the fact that the macro environment has not changed fundamentally, the air defense head is still raised to suppress in the medium term
.
At present, domestic inventories continue to decline sharply, spot performance is significantly strengthened, and the refined waste spread remains low to form a good support
for the short-term market.
With the strengthening of the RMB, the pattern of external strength and internal weakness has prompted the Shanghai-London ratio to fall, and the import window has gradually closed
.
Even in anticipation of a recovery in smelting capacity, short-term supply pressure is not large; In addition, with the continuous decline of copper warehouse receipts and the improvement of seasonal demand in September and October, pay attention to the possibility
of subsequent higher prices of the 1810 contract.
