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On the last trading day before the National Day holiday, the main morning market of Shanghai copper opened at 49880 yuan / ton, and after briefly touching the intraday low of 49820 yuan / ton at the beginning of the session, a large number of bears left the market on the dip, and the center of gravity of copper prices slowly recovered, rising above the daily moving average, and finishing
in a narrow range along 50150 yuan / ton.
In the afternoon, copper prices were sorted out in a narrow range of 50200 yuan / ton, long and short took turns to reduce positions, touched 50240 yuan / ton at the end of the session, and closed at 50170 yuan / ton, down 220 yuan / ton, down 0.
44%.
In the external market, London copper opened at the low of 6174 US dollars / ton in the day, and the bears reduced their positions at the beginning of the session to avoid safety, and the center of gravity of London copper continued to move up, and then gave up some of the gains
.
In the afternoon, London copper fluctuated repeatedly along the daily moving average, during which it tested the intraday high of 6227.
5 US dollars / ton
.
During the European session, London copper fluctuated repeatedly, and the center of gravity shifted downward, falling below the daily moving average
.
As of 18:20, London copper was trading at $6175.
5 / ton
.
In the market, the Shanghai copper on the last trading day further pulled, under pressure the 5-day moving average at 50200 yuan / ton to open low and higher
.
Market transactions are gradually coming to an end, large enterprises have entered the settlement state, the morning market quotation is high, the holder reports flat water ~ premium 50 yuan / ton, it is difficult to have a transaction, the holder is eager to exchange cash before the holiday, flat water copper flat water above is more difficult, flat water copper quotation discount 20 ~ discount 10 yuan / ton, good copper quotation premium 20 ~ premium 30 yuan / ton
.
In the second trading session, some traders flattened the price of water copper sources at low prices to a discount of 30 yuan / ton, good copper maintained stability, holders were unwilling to further lower the premium, wet copper quotation maintained a discount of 60 ~ discount of 30 yuan / ton level
.
On the last trading day before the National Day holiday, the market still has some downstream bargain-hunting to continue to replenish, but the purchase volume has dropped significantly, and there is completely the initiative and space to reduce prices, but it is necessary to pay attention to some low-priced sources that can only be picked up the day after tomorrow
.
The number of inquirers in the market near noon has decreased significantly, and it is expected that the afternoon quotation and demand will be further reduced, and the market has basically entered holiday mode
.
During the National Day period, there was a lot of data in Europe and the United States, focusing on the US ISM manufacturing index in September, the changes in the number of small non-farm and non-farm payrolls in the United States, and its impact
on the US dollar index.
In the environment without Shanghai copper resonance, it is expected that London copper will be affected by more European and American sentiment and the trend of the US dollar, but the trend of London copper in recent times is weaker than Shanghai copper, Shanghai copper has broken through the high at the end of July, and London copper is only flat at that time high, it is expected that if there is no obvious macro bearish news during the National Day, London copper has the opportunity to continue to touch the 6400 US dollars / ton line, may show a trend of rushing back down
.
