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On Tuesday, base metals were mixed, with long and short trading tending to be cautious
.
Among them, the Shanghai copper shock weakened, the 1811 contract trading range was 50130-50960 yuan / ton, and closed at 50190 yuan / ton at the end, down 1.
16%
on the day.
In the external market, as of 15:30 Beijing time, the three-month London copper was reported at 6196 US dollars / ton, down 0.
70% on the day, and the support level below it focused on 6100 US dollars / ton
.
In terms of the market, the daily average of Shanghai copper under pressure gradually declined, along the 50400 yuan / ton line of weak shock, the first trading day after the change month, the holder of the initiative to exchange cash is strong, and due to the downturn in downstream buying, so that the morning market only briefly stayed in the premium quotation, the holder in order to seek the transaction actively reduce the quotation shipment, good copper took the lead to open the downward trend, since the premium 10-20 yuan / ton began to slide all the way to the discount of 20 yuan / ton, flat water copper was adjusted to a discount of about 40 yuan / ton, Wet copper is extended to a discount of 120 to a discount of about 160 yuan / ton, and there is still room for price reduction in the source of goods
.
There are many low-priced sources in the intraday market again, domestic Zijin Yuguang Jinxi and other quotations at a discount of about 70 yuan / ton, imports again appear Bulgaria and the Philippines, etc.
, the quotation is as low as 120-100 yuan / ton, the price is very competitive, grabbing only part of the downstream rigid demand
.
On the news, the Asian dollar index retreated and is now trading around 94.
999, as the US retail sales data for September was less than expected, making the short-term upward pressure on the dollar index
.
In the industry, Codelco Chile, the world's largest copper producer, plans to temporarily shut down two of its four smelters in Chile as they lag behind in complying with stricter environmental regulations from the Chilean government, which has set a deadline of mid-December
for the country's refineries to meet the latest environmental regulations.
Intraday copper showed a weakening shock, the arrival of imported copper after the holiday increased, many traders had short-term inventory and capital pressure, short-term oversupply pattern, weak shipments, so that the discount has a further expansion trend
.
From a technical point of view, the MACD red column narrowed, and the futures price may test the support below the 50,000 mark again
.
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
.
