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On Thursday, base metals were mixed, with Shanghai copper under pressure, with the 1811 contract trading range of 49600-49230 yuan / ton, and closing at 49340 yuan / ton, down 0.
28%
on the day.
At present, copper is initially running above the moving average group, indicating that the bulls are more willing to rise
.
In the external market, as of 15:44 Beijing time, the three-month London copper was reported at 6084 US dollars / ton, down 0.
04% on the day, and its rising resistance focused on 6200 US dollars / ton
.
In terms of spot, on September 20, Shanghai electrolytic copper spot reported a premium of 220 yuan / ton - 310 yuan / ton of water for the month's contract, and the trading price of flat water copper was 49860-49980 yuan / ton
.
Intraday Shanghai copper close to 50,000 yuan / ton mark performance stop, holders of quotations, market willingness to cash out, in the transaction continued the previous day's cautious wait-and-see situation, holders took the initiative to reduce the quotation rush to trade, and throughout the morning session, there was a phenomenon
of holders competing to reduce the speed of price reduction.
The downstream continued to fear heights to suppress the buying volume, and wet copper followed the market to reduce the quotation from 230 yuan / ton to 180-190 yuan / ton
.
Low-priced sources are favored by speculators, but high copper prices still inhibit most of the buying, and some holders mainly reduce inventories slightly, and spot premiums have not stabilized
for the time being.
On the news, the Asian dollar index continued to fall under pressure, indicating heavier selling pressure above, now trading around 94.
3, the second consecutive week of decline, as Sino-US trade escalation concerns slowed and market risk aversion fell
.
At the same time, the short-term market lacks focus, and long and short trading tends to be cautious
.
In terms of industry, Japan's August copper wire cable sales increased by 2.
2% year-on-year to 54,800 tons
.
Overall, copper fell slightly under pressure during the day, but basically maintained the large increase recorded in the previous day, as the market expected that the Chinese government is expected to further increase investment
in infrastructure projects to stimulate the economy and counter the pressure of US tariffs.
Operationally, it is recommended that the Shanghai copper 1811 contract can be backed above 48800 yuan to bargain long, enter the market around 49200 yuan, and target 49800 yuan
.
