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Trade Service
On Tuesday, base metals generally fell, indicating a pullback in copper prices, attracting some short inflows, and long and short trading was cautious
.
Among them, the Shanghai copper shock weakened, the CU1812 contract trading range was 49620-50170 yuan / ton, and closed at 49700 yuan / ton at the end of the day, down 0.
40%
on the day.
In the external market, as of 15:22 Beijing time, the three-month London copper was reported at 6142 US dollars / ton, up 0.
24% on the day, and the support level below it focused on 6100 US dollars / ton
.
In terms of the market, Shanghai copper is under pressure on the daily moving average, and the copper price shock is weak, around 49600 yuan / ton first-line shock sorting
.
Copper in the morning period is still at a low level, the market receiving sentiment is low, the price of holders at a discount of 90-50 yuan / ton has been expanded all the way to a discount of 110-80 yuan / ton, and the discount has been expanded to attract traders to enter the market to receive a large number of goods, and the transaction has improved
.
In the second trading stage, the low level of copper futures rebounded, buying influx, quotations rose instantaneously, and quickly climbed, holders narrowed the discount sharply, the market inquiry was positive, the quotation quickly rose to flat water copper discount 80-70 yuan / ton, good copper discount 50 yuan / ton nearby, wet copper self-discount 210-200 yuan / ton narrowed self-discount 190-180 yuan / ton, downstream performance bargain replenishment
.
After eleven o'clock, the holders' willingness to raise the price was strongly quoted to the discount range of 60-30 yuan / ton, but the transaction performance was suppressed, and the unilateral price increase sentiment of the holders was obvious
.
Transactions were dominated by traders, and the bargain hunting atmosphere improved
from the previous day.
On the news, the Asian dollar index fluctuated widely, now trading around 96.
719, as German Chancellor Angela Merkel will no longer seek re-election, and the current Brexit negotiations have not made any progress, resulting in European currencies still weakening to boost the dollar
.
In terms of industry, in September, SMM's national copper scrap consumption was 179,800 tons, of which 92,800 tons of imported copper scrap, accounting for about 52%, and domestic copper scrap accounted for about 48%; Copper scrap flowed to the smelting end to 91,000 tons, accounting for about 51%, and the processing end accounted for about 49%.
Copper scrap consumption in September increased by 19,700 tonnes month-on-month, up 12 percentage points
.
During the day, the Shanghai copper shock weakened, as the US dollar index continued to fluctuate at a high level, and base metal prices generally retreated
.
The downstream performance was replenished at the dip, but the unilateral price increase sentiment of the holders was obvious, which suppressed the market transaction performance
.
On the technical side, the MACD indicator showed a downward trend, the green column expanded further, and it is still likely to continue to weaken
in the short term.
Operationally, it is recommended that the CU1812 contract can consider short order intervention around 50,000 yuan / ton, and the stop loss refers to 50,500 yuan / ton
.
