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On Friday, base metals generally rebounded, indicating that copper prices recovered and some of the previous bears took profits
.
Among them, Shanghai copper fluctuated higher, CU1901 contract trading range of 48700-49960 yuan / ton, the end of the day closed at 49830 yuan / ton, up 2.
13%
daily.
In the external market, as of 15:35 Beijing time, the three-month London copper was reported at 6204.
0 US dollars / ton, up 1.
06% on the day, and its upper pressure level was focused on 6250 US dollars / ton
.
In terms of the market, the low level of Shanghai copper rebounded, returning to above 49,000 yuan / ton, and the holders maintained their quotations yesterday, and continued to quote 10 yuan / ton - 30 yuan / ton
in early trading.
Good copper can be reported as high as 40 yuan / ton, although the market inquiry atmosphere is positive, but the transaction is still unsatisfactory, traders following the afternoon of the previous day when the market as low as 48500 yuan / ton when the bargain to receive goods, intraday performance hesitation, because the holders have no intention to reduce prices, so the supply and demand sides maintain a stalemate situation
.
The downstream maintained the rhythm of just-needed procurement, and the buying interest fell significantly from the previous day
.
Although the market has recovered slightly, the market does not have much optimistic expectations, inventory growth has decreased, and whether the market premium can be strengthened in addition to the guidance of the next month's price spread, will still depend more on the guidance
of demand.
In terms of news, the Asian market dollar index weakened and is now trading around 96.
149, as the United States and the United States released friendly signals coupled with the progress of Brexit, European currencies rebounded, and the dollar index continued to fall
.
In terms of industry, according to the International Copper Research Group (ICSG), global copper production in the first seven months of this year increased by 4.
5%
year-on-year.
Copper production increased by 500,000 tonnes in terms of production, mainly due to increases
in Chile and Indonesia, the report said.
Shanghai copper volatility rose during the day, due to favorable macro-level information, the non-ferrous sector generally recovered, but compared with the futures market, the spot market did not have much optimistic expectations, inventory growth decreased, and the downstream maintained a rigid procurement rhythm
.
Operationally, it is recommended that the CU1901 contract is mainly based on pullbacks and longs, and the stop loss refers to 49820 yuan / ton
.
