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On the last trading day before the holiday, the main contract of Shanghai copper 1611 contract oscillated strongly, closing at 36730 yuan / ton at the end of the day, a slight increase of 0.
36% from yesterday's closing price, which is the twelfth consecutive day of low volatility, and is currently barely above M200, and its technical form is slightly stronger than that of London copper
.
In terms of term structure, the copper market showed a positive arrangement of near, low, far high, and the Shanghai copper 1610 contract and 1611 contract turned to a positive price difference of 10 yuan / ton
.
Externally: Asian Lun copper oscillation higher, of which 3-month London copper slightly rose 0.
36% to 4679 US dollars / ton, at present London copper is still running in the past two weeks of shock finishing platform, the technical support below focus on 4600 US dollars / ton
.
In terms of positions, on September 12, the position of London copper was 330,000 lots, a decrease of 1,758 lots from the 9th, and the position was still at a low level during the year, indicating that the momentum of bulls to go long on the dip is still obviously insufficient
.
Macro: The Asian dollar index oscillated slightly, extending its overnight rally, and is now trading around
95.
6.
China's August M2 climbed 11.
4% year-on-year, higher than the expected 10.
5%, indicating that domestic monetary policy remains accommodative and monetary liquidity is abundant
.
In terms of information: Peru's copper production in July was 201867 tons, up 29.
97% year-on-year, as new mine production increased, but fell 2.
57% month-on-month, and the year-on-year growth rate slowed significantly from previous months, with a record high of 212454 tons
.
Peru's cumulative copper production from January to July this year was 1323995 tons, up more than 426,000 tons or 47.
53%
year-on-year.
Market: On September 14, Shanghai electrolytic copper spot reported a premium of 80-130 yuan / ton, and the trading price of flat water copper was 36760-36820 yuan / ton
.
Morning market good copper quotation is still firm at about 140 yuan / ton, flat water copper quotation premium 100 yuan / ton, helpless large downstream has been yesterday large-scale procurement, intraday market inquiry atmosphere sharply dropped compared with yesterday, imported flat water copper supply increased, premium quickly dropped to 80-90 yuan / ton, the market showed a lot of quotations, sufficient supply, low prices have space pre-holiday characteristics
.
The Shanghai copper 1611 contract oscillated as high as 36730 yuan / ton during the day, mainly boosted by China's stronger-than-expected industrial added value and fixed asset investment growth rate in August, while the growth rate of London copper inventories slowed down, reducing the pressure on copper prices, suggesting that Shanghai copper operations can be turned from short to oscillating, and the 1611 contract can be sold high and low between 36500-37200 yuan / ton, and the stop loss is 400 yuan / ton
each.
