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The LME opened lower on Wednesday, and as of 15:30 Beijing time, the three-month London copper was reported at $5,783 / ton, down 0.
74%
on the day.
The main 1912 contract of Shanghai copper fluctuated downward, with the highest 47210 yuan / ton and the lowest 46910 yuan / ton within the day, and the closing price was 46930 yuan / ton, down 0.
40% from the closing price of the previous trading day; The trading volume was 109,800 lots, an increase of 5,280 lots per day, and the position was 224,900 lots, an increase of 1,128 lots per day
.
The basis was expanded to 105 yuan/ton; The price spread of Shanghai copper in 1911-1912 widened to 30 yuan / ton
.
Market focus: The House of Commons first passed the Brexit Agreement bill, but then voted down Prime Minister Johnson's legislative timetable
to pass the Brexit deal as soon as possible.
China's copper scrap imports in September were 150,000 tonnes, up 50% from 100,000 tonnes in August and the highest monthly import since June
.
Codelco union leaders said the company's workers would join a general strike planned for Wednesday in solidarity with the Chilean protests
.
Spot analysis: On October 23, spot 1# electrolytic copper was quoted at 46990-47080 yuan / ton, with an average price of 47035 yuan / ton, down 135 yuan / ton
per day.
The willingness of holders to exchange cash is gradually strengthened, but some quotations are firm and there is a demand for monthly tickets, but the demand is small, and the number of intraday quotation cash-exchangers has increased significantly, but the downstream maintains rigid demand, the transaction is mostly completed by the delivery of long orders, and the risk aversion before the national tax upgrade has also increased the number of cash-outs, and in the pattern of oversupply, the cash exchange factor makes the premium decline become the leading behavior
of the market.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 61,219 tons on Wednesday, a daily decrease of 1 ton; On October 22, LME copper stocks stood at 270,350 tonnes, an increase of 2,150 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract are 62400 lots, minus 1193 lots per day, short positions are 82287 lots, daily increase of 497 lots, net short positions are 19887 lots, daily increase of 1690 lots, more short increases, net space increases
.
On October 23, the main force of Shanghai copper 1912 fluctuated
downward.
Brexit resistance, pound pressure to boost the dollar, while global economic downward pressure increased, market pessimism remained, and scrap copper imports rebounded in September, easing scrap copper supply tight concerns, putting pressure on copper prices, but the recent South American copper supply disturbance continues, copper mine supply concerns have accumulated, and downstream real estate, home appliance industry demand marginal improvement, copper prices have been supported
.
In terms of spot, the willingness of holders to exchange cash has gradually strengthened, but some of the quotations are firm and have the demand for monthly tickets, but the demand is small, and the number of intraday quotation exchangers has increased significantly, but the downstream remains rigid, and the transaction is mostly completed by the delivery of
long orders.
Technically, the main 1912 contract of Shanghai copper daily MACD appeared a golden cross, pay attention to the pressure above the 47400 position, and it is expected to fluctuate
in the short-term range.
