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On Wednesday, base metals were mixed, and today's non-ferrous sector funds showed that copper prices were volatile, some speculative funds flowed out, and long and short trading tended to be cautious
.
Among them, Shanghai copper was weak and volatile, the trading range of 1811 contracts was 50030-50380 yuan / ton, and the end of the day closed at 50290 yuan / ton, down 0.
44%
on the day.
In the external market, as of 15:34 Beijing time, the three-month London copper was reported at 6189.
5 US dollars / ton, down 0.
70% on the day, and the support level below it focused on 6150 US dollars / ton
.
In the market, Shanghai copper continued to come under pressure, and copper prices fluctuated around 50,200 yuan / ton
.
Shanghai inventories continue to increase, market buying is still weak, the concentration of dumpers is high, the morning holders continue the quotation of the previous afternoon, have fully discounted and opened the downward mode
all the way.
Wet copper due to the abundant supply and downstream buying sluggishness, the performance is weaker, although the morning market holders quoted a discount of about 170 yuan / ton, but helplessly expanded to a discount of more than 200 yuan / ton market is difficult to accept, the lowest price can be reduced to 240 yuan / ton
.
Low-end imported copper continues to drag down the quotation of the entire market, which has been as low as 140-150 yuan / ton, and there is still room
for price pressure.
Downstream waiting for the dip below 50,000 to buy, the market selling for cash is slightly urgent, and the transaction after delivery shows a gradual decline
.
In terms of news, the Asian dollar index is volatile, now trading around 95.
207, the United States industrial output in September was 0.
3% month-on-month, recording growth for four consecutive months, exceeding expectations of 0.
2%, and the United States job vacancies hit a record high in August, indicating that the current US economy is good, and the dollar index has picked up
slightly.
On the industry front, BHP Billiton, the world's largest mining company, cut its full-year copper production forecast by about 3% as key operations in Australia and Chile shut down, further increasing pressure
on global market supply.
At the same time, the company also lowered its production target for the full year ending in June to 1.
62 million metric tons to 1.
71 million tons
.
During the day, copper futures showed a weak shock, the market downstream waited for the dip below 50,000 to buy, traders sold goods for cash sentiment was slightly urgent, and the transaction showed a gradual decline after delivery
.
From a technical point of view, the futures price once again tested the support of the 50,000 mark, but it did not fall below and rebounded slightly, and the short-term may continue to fluctuate
.
Operationally, it is recommended that the CU1811 contract can consider selling high and low between 50,000-51,000 yuan / ton, and stop loss 400 yuan / ton
.
