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LME copper rose sharply on Thursday, and as of 15:05 Beijing time, the three-month London copper was at $5732.
5 / ton, up 0.
78%
on a daily basis.
The main 1912 contract of Shanghai copper bottomed out, with the highest 46,720 yuan / ton and the lowest 46,500 yuan / ton during the day, and the closing price of 46,700 yuan / ton, up 0.
13% from the closing price of the previous trading day; The trading volume was 89,300 lots, a daily decrease of 1,224 lots, and the position was 210,800 lots, an increase of 11,044 lots
per day.
The basis was reduced to 35 yuan/ton; The price difference between Shanghai copper in 1911-1912 widened to -10 yuan / ton
.
Market Focus: Some Fed policymakers expressed their concern at a recent meeting, arguing that market expectations for the Fed's rate cut exceeded the Fed's plans
.
The top level of Sino-US trade negotiations held a new round of high-level Sino-US economic and trade consultations
in Washington, D.
C.
Copper concentrate production has not yet been affected by the blockade of road transportation at the Las Bambas copper mine in Peru, a subsidiary of Minmetals Resources, which has not been affected if it cannot be resumed in the coming period
.
Spot analysis: On October 10, the spot 1# electrolytic copper quotation was 46700-46770 yuan / ton, the average price was 46735 yuan / ton, down 60 yuan / ton
per day.
In the morning market, traders continue to take the lead of active receipt, holders of price confidence boosted, continue to raise quotations, the second trading session, copper prices around 46500 yuan / ton is the downstream manufacturers generally recognized buying range, downstream active buying significantly increased, traders and downstream have concentrated into the market, transaction preferences, market transactions to maintain a warm atmosphere
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 60,547 tons on Thursday, an increase of 8,270 tons per day; On October 9, LME copper stocks were 283125 tons, down 225 tons per day, falling for four consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract are 65246 lots, with a daily increase of 2505 lots, short positions are 79353 lots, a daily increase of 2928 lots, and a net short position of 14107 lots, a daily increase of 423 lots.
On October 10, the main force of Shanghai copper 1912 bottomed out
.
The downward pressure on the global economy has increased, market pessimism remains, and cathode copper inventories have rebounded, putting pressure on copper prices, but upstream copper mine production disturbances have restarted, the market has increased concerns about copper mine supply, which is positive for copper prices, and Sino-US trade negotiations have opened, before which copper prices have limited
downward space.
In terms of spot, in the morning market, led by traders continuing to actively receive goods, the confidence of holders to raise prices was boosted, and quotations continued to rise, downstream active buying increased significantly, traders and downstream have concentrated in the market, transaction preferences
.
Technically, the main 1912 contract of Shanghai copper runs below the moving average group, focusing on the lower Bollinger band support, and short-term shock operation
is expected.
