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Market review, last Friday, base metals were mixed, copper prices fluctuated during the day, long and short trading was cautious, and some long funds went in and out
.
Among them, Shanghai copper was weak and volatile, CU1812 contract trading range of 49720-50210 yuan / ton, the end of the day closed at 50160 yuan / ton, up slightly 0.
02%
per day.
In the external market, as of 15:35 Beijing time, the three-month London copper was reported at 6167 US dollars / ton, up 0.
57% on the day, and its upper pressure level focused on 6200 US dollars / ton
.
In terms of the market, the US dollar index continued to rise, Shanghai copper fell again, weak hovering at the 50,000 yuan mark, the morning market inquiry was positive, and some downstream buying initiative increased
after the market decline.
Intraday holders quoted a discount of 60-30 yuan / ton, downstream bargain buying, quotations tend to maintain stability, good copper transactions are concentrated in the discount of 40-20 yuan / ton, flat water copper minimum price can be pressed to about 60 yuan / ton, wet copper quotation maintenance stability discount 160 to discount 140 yuan / ton, low-end imported copper PSA, Bulgaria can be bought at a low price to more than 100 yuan, storage price space
。 Copper prices have not yet stabilized, the market is dominated by bargain hunting, compared with the previous two days of trading cautious wait-and-see pattern has improved, and the willingness of holders to sell goods has also decreased accordingly, so the short-term market discount performance will show stability, supply and demand are again deadlocked
.
On the news front, the Asian dollar index was volatile and now trading around 96.
044, due to hawkish comments in the Fed minutes, all members agreed that the September rate hike was reasonable and would be further gradual, which greatly stimulated the strong trend
of the dollar index.
In terms of industries, China's non-ferrous metal output in September was 4.
56 million tons, a year-on-year increase of 5.
8%; From January to September, the output of non-ferrous metals was 40.
27 million tons, a year-on-year increase of 4.
2%.
Intraday copper showed weak volatility, the market was dominated by bargain hunting, which improved from the cautious wait-and-see pattern of the previous two days, and the willingness of holders to sell goods was also correspondingly reduced
.
From a technical point of view, although the futures price has recovered, it is still under pressure below the 5-day moving average and the 10-day moving average, and the market is concerned about whether it can effectively break through
.
