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Overnight, Shanghai copper gap opened high, opening 50230 yuan / ton, shortly after the opening of the market pulled down to the lowest level of 50080 yuan / ton, and then boosted by macro bullishness, straight up to 50600 yuan / ton high, in the evening, bulls left the market to give up gains, the plate pulled all the way down below the daily moving average, and then the bears took advantage of the low price to close the position, the market rose again
.
In terms of external trading, yesterday, during the Asian session, affected by the sharp fall in U.
S.
stocks, Lun copper jumped low to open 6176.
5 US dollars / ton, at the beginning of the session around the daily moving average narrow finishing, short positions increased, pulled down copper prices, and then continued to oscillate around the daily moving average, European session, under the strong pressure of bears, copper prices plummeted to the lowest level of 6091.
5 US dollars / ton, and then short positions were reduced, recovering some of the declines, copper prices returned to near the daily moving average again, in the evening, the US September CPI month-on-month data was released, Affected by the slowdown in rental cost growth and the decline in energy prices, the CPI growth rate in the United States fell in September and was less than expected, and copper prices stopped falling and rebounded, climbing all the way to the highest point of 6300 US dollars / ton, closing at 6273.
5 US dollars / ton, up 0.
89%
from the previous day.
On the macro front, U.
S.
stocks fell again overnight, with the S&P Dow falling more than 2%, coupled with oil prices tumbling 3%, market sentiment was suppressed, and the rebound of the colored sector was under pressure
.
Copper for March delivery on the London Metal Exchange closed up 0.
89% at $6273.
5 a tonne
.
Domestically, the General Office of the State Council issued a further relaxation of consumer market access and improved the upgrading of the physical consumption structure, at the same time, Yi Gang said that the current leverage has been stabilized, and the growth target set at the beginning of the year can be achieved
.
In general, the short-term sharp decline in U.
S.
stocks is bearish for the commodity market, but the market has strong expectations for domestic policies, and the macro should not be overly pessimistic
.
Fundamentals, no further news, LME inventories fell by 3,400 tons to 170,000 tons, spot end discount turned to premium, supply tightened; domestically, spot end slightly increased, inventories remained low to support
prices.
At present, U.
S.
bond yields have fallen, the United States announced that the CPI rose less than expected in September, inflation pressure cooled slightly, the basic trend of London metal picked up, in addition, the reduction in continuous inventories supported copper prices, the domestic side still expects the recovery of infrastructure in the fourth quarter, and the end of the year reserve orders in the terminal industry are optimistic, Shanghai copper is still trying to stand on the 10-day moving average, MACD red energy column slightly narrowed, spot, only two working days left from the contract trading day, the plate rebounded, and the current monthly spread rose back to 150, Traders' willingness to try to pull up premiums is difficult to realize, and downstream replenishment is expected to cool again, and downstream buying is suppressed
.
