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On Monday, base metals generally drifted green, and the Shanghai copper 1811 contract bottomed out to 48150 yuan / ton, down 0.
86% on a daily basis, indicating that the investment sentiment of the copper market is still sluggish
.
At present, it has fallen back to the moving average group and runs five consecutive negatives, and bears increase their positions to the downside
.
In the external market, as of 15:49 Beijing time, the three-month London copper was reported at 5995 US dollars / ton, up 0.
1% on the day, and the upper rebound resistance focused on 6200 US dollars / ton
.
In terms of spot, on September 3, Shanghai electrolytic copper spot contracts reported a premium of 110 yuan / ton - 160 yuan / ton, and the transaction price of flat water copper was 48220 yuan / ton - 48300 yuan / ton
.
Affected by the 200 billion yuan tariff of the Sino-US trade war, the US dollar rose, non-ferrous metals generally came under pressure and fell, and Shanghai copper fell to 48,000 yuan / ton mark
.
The morning market inquiry is active, the holders are strongly willing to raise the price, the premium after the morning market quotation has been lifted all the way, under the guidance of traders, the low-price source of goods is actively transacted, and the morning market activity is still high
.
In the second trading session, the high premium inhibited the transaction, the transaction heat cooled down, and the market could receive the goods
at a low price.
Copper futures are under pressure, and spot premiums are firm under the leadership of traders, and the market performance period is weak and strong
.
In terms of news, the Asian dollar index fluctuated weakly at the 95 mark and is now trading around
95.
08.
China's Caixin manufacturing PMI recorded 50.
6 in August, a 14-month low
.
Among them, due to weak demand, the new orders index hit a new low in nearly 15 months, which weighed on market sentiment
.
Markets are still weighed down by concerns about U.
S.
-China trade talks, with U.
S.
President Donald Trump imposing tariffs
on $200 billion of Chinese goods this week.
On the industry side, the striking workers at the Andina copper mine announced a protest action
.
Overall, copper bottomed out, falling second only to Shanghai nickel, indicating a high bearish sentiment as the market remained concerned
about the Sino-US trade war.
Coupled with the high of the US dollar index and the weak performance of China's Caixin manufacturing PMI in August, copper prices were limited
.
Operationally, it is recommended that the Shanghai copper 1810 contract is backed by 48,500 yuan / ton, and the entry reference is 48,200 yuan / ton, and the target is 47,700 yuan / ton
.
