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Market review, on Friday, base metals were mixed, indicating that copper prices rebounded, and some short funds took profits
.
Among them, the Shanghai copper shock is strong, the CU1901 contract trading range is 49410-49770 yuan / ton, and the end of the day closed at 49580 yuan / ton, up 0.
79%
on the day.
In the external market, as of 15:42 Beijing time, the three-month London copper was reported at 6180.
0 US dollars / ton, down 0.
35% on the day, and the support level below it focused on 6100.
0 US dollars / ton
.
In terms of the market, London copper rose strongly overnight, and Shanghai copper rose back to 49,500 yuan / ton
.
Shanghai wheel ratio continued to decline, imported copper continued to lose, after the end of delivery, the morning market quotation was high, the holder reported flat water - liter 60 yuan / ton, the market inquiry was positive, good copper performance favored by the market, active buying transaction around 50 yuan / ton, flat water copper due to the lack of a certain amount of buying support downstream, performance has room for price
pressure 。 Entering the second section of the trading stage, the holders actively reduced the flat water copper quotation discount 10 yuan / ton shipment in order to seek transactions, due to the small supply of good copper, still maintain the premium of about 60 yuan / ton quotation, the market still has some traders at a low price to replenish good copper, but the purchase volume has shown a significant decline, downstream buying is scarce, wet copper expanded to the discount of 170 to discount 140 yuan / ton range
.
High copper prices have dampened downstream buying, but next week in the face of this month's long order delivery, holders may still maintain a rising tide
.
On the news, the Asian dollar index weakened and is now trading around 96.
888, focusing on the US industrial capacity utilization rate (%)
in October.
In terms of industry, Jiangxi Copper and Antofagasta reached a long-term negotiation for copper concentrate in 2019, signing a TC/RC of 80.
8 US dollars / ton, 8.
08 cents / pound, TC down 1.
45 US dollars / ton from 82.
25 in 2018, which is in line with market expectations
.
The market generally expects that the growth rate of copper market supply will decline in 2019, and the production capacity of copper smelters will increase
.
Shanghai copper volatility is strong, due to the weakening of the US dollar index, copper prices continue to be strong in the previous period, from a technical point of view, the current copper price around 49500 yuan / ton oscillation, although above the moving average system, but upward pressure still exists, short-term recommendations to pull back long
.
Operationally, it is recommended that the CU1901 contract can consider going long around 49300 yuan / ton, and the stop loss refers to 49000 yuan / ton
.
