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On Wednesday, base metals were mixed, indicating that copper prices were volatile and long and short trading was cautious
.
Among them, Shanghai copper opened low and went high, CU1812 contract trading range of 49820-50400 yuan / ton, the end of the day closed at 50330 yuan / ton, up or down 0.
00%
on the day.
In the external market, as of 15:22 Beijing time, the three-month London copper was reported at 6218.
5 US dollars / ton, up 0.
57% on the day, and its upper pressure level was focused on 6300 US dollars / ton
.
In terms of the market, Shanghai copper struggled at the 50,000 mark, morning market holders quoted a discount of 20-20 yuan / ton, market consumption showed no signs of improvement, the activity of the trade market was also difficult to increase, the long order delivery was also nearing the end, the holder took the initiative to lower the quotation, good copper quotation to flat water, flat water copper adjusted to discount 30-20 yuan / ton quotation, wet copper self-discount 120 yuan / ton all the way to the discount of about 150 yuan / ton
.
There will be some next month's note quotations within the day, and the next month's pass market quotes good copper discount 10 yuan / ton - flat water, flat water copper discount 50-40 yuan / ton nearby, but the transaction still relies on the current month ticket as the mainstream
.
Spot market buying is still weak, downstream bearish copper prices, still remain on the sidelines, no active buying, the overall transaction in the morning has not improved, the discount may be amplified, after the end of the long order transaction basically, the market next month the circulation proportion of notes will increase significantly, the discount is difficult to suppress the pace
of expansion.
On the news front, the Asian dollar index was broadly volatile and now trading around 96.
016, and Bostic, who has a vote on the Fed's policy committee this year, said that recent strong economic growth has prompted him to support a fourth rate
hike in 2018.
On the industry front, Anglo American reported on Tuesday that copper production rose 17% year-on-year to 171,800 tonnes
in the third quarter ended September 30, 2018.
Anglo American expects annual copper production of 630,000-660,000 tonnes
.
Intraday copper showed a low opening and a high go, spot market buying is still weak, downstream bearish copper prices, still remain on the sidelines, but the buying demand below 50,000 still exists
.
From a technical point of view, the current copper trend has no obvious trend, the futures price continues to hover around the 50,000 yuan / ton mark, the short-term shock pattern has not changed
.
Operationally, it is recommended that the CU1812 contract can consider selling high and low between 50,000-51,000 yuan / ton, and the stop loss is 400 yuan / ton
each.
