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On Tuesday, the main 1701 contract of Shanghai copper opened at 38620 yuan / ton, after the opening in the surrounding market, bulls have increased their positions, copper prices were pulled up wave after wave, driving the 10-day moving average to cross the 20-day moving average, the high touched 38890 yuan / ton, the end of the short high position, copper prices slightly pullback, with 38740 yuan / ton to close at the white line, up 330 yuan / ton
.
Shanghai copper continued to rise during the day, the market was enthusiastic about longing, LME copper stocks continued to decrease in the afternoon, London copper continued to rise to the previous high, Shanghai copper is expected to remain strong, the upper target is directly 39,000 yuan / ton
.
Externally, during the Asian session, the futures market atmosphere is still hot, commodities rose after the opening, China announced that the official manufacturing PMI rose to 51.
2 in October, Caixin manufacturing PMI rose sharply to 51.
2, manufacturing data continued to release positive signals, London copper opened high at 4866.
5 US dollars / ton, after the opening in the daily moving average after a short dip to 4854.
5 US dollars / ton, bulls low position influx, copper price V-shaped reversal, all the way to 4880 US dollars / ton, The high caused the long position to close, copper prices down, back to the daily moving average, European session, the LME announced that copper inventories decreased by 1350 tons, the cancellation of warehouse receipts increased to 42.
12%, copper prices rose to a higher level, the high touched 4888 US dollars / ton, touched the previous high after the pressure pullback, as of 17:20, London copper reported 4872 US dollars / ton
.
On the macro front, the latest domestic official manufacturing PMI in October was 51.
2, higher than the expected value of 50.
3, and hit a new high since July 2014, production and demand have rebounded significantly, and the overall prosperity of the manufacturing industry has improved significantly
.
During the same period, the Caixin manufacturing PMI came in at 51.
2, also higher than the expected reading of 50.
1
.
This eased market worries about the domestic economy, with non-ferrous metals rising across the board and copper prices supported
.
In terms of the market, Shanghai copper continued to rise, entering the November market, early in the morning, holders can't wait to pull up the premium quotation, speculators favor to absorb 100-130 yuan / ton of premium mid-range flat water copper and good copper, low-priced sources are quickly digested, premium all the way up, although the overall transaction has improved, but did not see the downstream obvious entry into the market, mostly wait-and-see, speculators are still the main driver
of the rise 。 In the afternoon session, the market continued to rise, the quotation of holders remained firm, traders actively inquired, entered the market to absorb cost-effective flat water copper, and maintained the flat water copper premium at 110 yuan ton -120 yuan / ton, and the downstream is difficult to recognize high prices, middlemen lead the transaction, high premium will continue
.
On the news front, McQuarie analysts said during the LME week that the copper market will reduce supply adequacy from 2017, mainly due to lower ore grades and a resurgence in Chile's mining output disruption trend in recent months
.
On the whole, the metal plate is collectively strengthened, copper price rally is still relatively weak, the recent continuous depreciation of the RMB exchange rate and the decline in inventories in the two markets support domestic copper prices, on the supply side, Chile's copper production in September due to strikes and ore grade decline slightly decreased by 2.
5% year-on-year, and it is difficult for supply to shrink sharply in the second half of the year; In terms of spot, there is no obvious downstream entry into the market, mostly wait-and-see, speculators are still the main driving force
.
