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LME copper fell on Wednesday, with 3-month copper trading at $5,773.
5 per ton as of 15:05 Beijing time, down 0.
02%
on the day.
The main 1911 contract of Shanghai copper fluctuated and fell, with the highest 47190 yuan / ton and the lowest 46950 yuan / ton within the day, and the closing price of 47000 yuan / ton, down 0.
25% from the closing price of the previous trading day; The trading volume was 108,700 lots, a daily decrease of 2,946 lots, and the position was 209,000 lots, a daily decrease of 612 lots
.
The basis was expanded to 240 yuan/ton; The price difference of Shanghai copper in 1911-1912 remained at 0 yuan / ton
.
Market focus: U.
S.
House of Representatives Speaker Nancy Pelosi announced that the Democratic Party is conducting a formal impeachment inquiry
into US President Trump.
U.
S.
political risks weighed
on the dollar.
The US Chamber of Commerce Consumer Confidence Index actually released 125.
1 in September, significantly lower than expectations of 133 and 134.
2
previously.
In August, the total investment in power grid projects was 237.
8 billion yuan, a cumulative decrease of 15.
2% year-on-year; The total investment in power supply projects was 153.
3 billion yuan, a cumulative increase of 5.
2%
year-on-year.
Spot analysis: On September 25, spot 1# electrolytic copper was quoted at 47190-47290 yuan / ton, with an average price of 47240 yuan / ton, down 85 yuan / ton
per day.
Approaching the holiday, holders to hedge inventory, but holders show a clear rush to sell goods for cash, the second quarter of the trading stage, the market once again appeared concentrated price reduction tide, downstream consumption holding rigid demand, has basically near the end, buying is very limited, only 3 trading days before the holiday, the willingness to exchange cash is still dominant, risk aversion is gradually heating up
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 44,777 tons on Wednesday, a daily decrease of 5,256 tons; On September 24, LME copper stocks were 280,150 tons, down 3,400 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract are 68679 lots, a daily increase of 1179 lots, short positions are 74190 lots, daily minus 390 lots, net short positions are 5511 lots, daily minus 1569 lots, more increase and short, net space decrease
.
On September 25, the main force of Shanghai copper 1911 fluctuated down
.
U.
S.
economic data performed poorly, the dollar weakened, while scrap copper imports declined, and pre-holiday downstream purchases increased, copper inventories fell significantly, supporting copper prices, but the downward pressure on the global economy increased, market pessimism remained, and upstream copper processing fees TC stopped falling and rebounded, the terminal industry performed poorly, downstream demand was overall weak, and copper prices performed weakly
.
In terms of spot, approaching the holiday, holders mainly hedge inventory, but holders show obvious eagerness to sell goods for cash, downstream consumption is just demanding, is basically nearing the end, buying is very limited
.
Technically, the daily MACD green column growth of the Shanghai copper main 1911 contract, focusing on the pressure at the 47300 position, is expected to be weak
in the short term.
