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On Wednesday, the Shanghai copper main 1811 contract opened at 51030 yuan / ton in the morning, at the beginning of the session in the long position increase quickly tested the intraday high of 51070 yuan / ton, and then the high profit closing dragged down the plate difficult to hold the high of 51000 yuan / ton, Shanghai copper high fell back to 50950 yuan / ton line, but London copper is also difficult to maintain stability 6300 US dollars / ton, Shanghai copper with the fall, by the strong support of the daily moving average, hovering above the daily moving average along the 50820 yuan / ton narrow range
。 In the afternoon, some bulls concentrated on reducing their positions, so that copper prices continued to give up some of the gains in the day, touching down 50670 yuan / ton, fortunately supported by low buying, Shanghai copper out of the intraday low, the end of the day around 50800 yuan / ton narrow finishing, closed at 50770 yuan / ton, up 470 yuan / ton, up 0.
93%.
In terms of external trading, London copper morning market opened at 6301 US dollars / ton, early London copper near the daily moving average narrow finishing, during the period of touch 6310.
5 US dollars / ton blocked, 6300 US dollars / ton mark pressure is quite heavy, London copper high fall, fell below 6300 US dollars / ton to 6275 US dollars / ton around, Asian noon London copper under pressure daily moving average low hovering, recovery weak
.
In the afternoon, the volatility increased around the wide range of the daily moving average
.
After entering the European session, the dollar once rose strongly to the 96 mark, base metals have tested lower, London copper fell to the intraday low of 6240 US dollars / ton, as of 17:30, London copper reported 6262 US dollars / ton
.
In terms of the market, the next month London copper rose to 6300 US dollars / ton, Shanghai copper up test 51000 yuan / ton integer pass, intraday copper price pressure 51000 yuan / ton, the next month price difference narrowed again to 150 yuan / ton
.
The Shanghai ratio window is closed, after the market fully discounted quotation, the decline rate of the holder's discount is temporarily slowed, the morning holder quotation discount 70 ~ discount 30 yuan / ton, once there was a low price discount of 80 yuan / ton of flat water copper favored by speculators, good copper buying low, once adjusted to a discount of 50 yuan / ton to buy only to improve, wet copper discount 100 yuan up
.
The market is high, the market continues to perform cautiously, downstream consumption is still limited, the discount dumping sentiment of cargo holders has eased, and intraday transactions are mainly based on traders closing low prices
.
In the early stage of delivery, pay attention to the change range of the price spread in the next month and the guidance of import profit and loss performance on spot quotations, and it is expected that the spot discount will expand again
within the week.
In the afternoon, the market fell back, the key price difference between the month and the next month narrowed to about 70 yuan / ton, the holder was unwilling to ship at a large discount, the quotation showed signs of narrowing and rising at a discount, good copper self-discount 40-30 yuan / ton increased to the first line of flat water, flat water copper self-discount 60 ~ 40 yuan / ton narrowed to about 20 yuan / ton, the transaction price fell slightly to 50770 yuan / ton ~ 50900 yuan / ton with the fall of the plate, and the transaction inquiry atmosphere improved compared with the morning
.
In terms of inventories, copper stocks continued to decline
, affected by good copper consumption and reduced scrap supply.
As of October 5, LME copper stocks stood at 186,800 tonnes, the lowest since a streak of decline in March, while total SHFE copper stocks, at 112,000 tonnes, were also in a state of continuous decline
.
In addition, as of early October, copper stocks in the bonded zone were 388,000 tons, down 35,000 tons
from early September.
During the day, the main force of Shanghai copper actively increased its position on the low, closed two consecutive Yang, stood on the 5-day moving average, and once broke through the 120-day moving average above, and then moved closer to the upper rail of the Bollinger track
.
Pay attention to the release of bulls' energy, wait for external guidance, and test whether Shanghai copper can hold the half-year line
.
