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LME copper fluctuated bearish on Monday, and as of 15:05 Beijing time, the three-month London copper was at $5821.
5 / ton, down 0.
11%
on the day.
The main 1911 contract of Shanghai copper fell slightly, with the highest 47560 yuan / ton and the lowest 47290 yuan / ton during the day, and the closing price of 47420 yuan / ton, down 0.
06% from the closing price of the previous trading day; The trading volume was 127,700 lots, a daily decrease of 44,788 lots, and the position was 209,700 lots, an increase of 6,042 lots
per day.
Market focus: The People's Bank of China announced that it will cut the reserve requirement ratio of financial institutions by 0.
5 percentage points on September 16, 2019, and relevant sources said that the RRR reduction released about 900 billion
yuan of long-term funds.
Powell said that the U.
S.
and global economies are most likely to grow modestly, and does not expect a recession in the United States or even the world, while the central bank has less room for stimulus
.
Customs data showed that China's imports of unwrought copper and copper products in August were 404,000 tons, down 3.
8% from 420,000 tons in July and down 3.
8%
from the same period last year.
Spot analysis: On September 9, the spot 1# electrolytic copper quotation was 47320-47410 yuan / ton, the average price was 47365 yuan / ton, and the daily price was 185 yuan / ton
.
Intraday Shanghai copper is difficult to have the power to recover, the pressure is obvious, to the market confidence has been hit, above 47,000 yuan / ton so that the downstream temporarily stopped and watched, and traders due to the lack of premium profit margins are also difficult to do something, good copper and flat water copper quotations to maintain stability, difficult to have room for price pressure, so that the trading performance is deadlocked, Monday characteristics are obvious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,616 tons on Monday, a daily decrease of 3,198 tons; On September 6, LME copper stocks were 313275 tonnes, down 5,400 tonnes
per day.
In the week ended September 6, copper cathode stocks on the Shanghai Futures Exchange were 162059 tons, a weekly increase of 18,183 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract were 73391 lots, a daily increase of 953 lots, short positions were 72012 lots, a daily increase of 1180 lots, a net long position of 1379 lots, a daily decrease of 227 lots, both long and short increases, and net long decreases
.
On September 9, the main force of Shanghai copper 1911 fluctuated slightly
.
The People's Bank of China announced a comprehensive RRR cut, which boosted market confidence, while the upstream copper processing fee TC continued to be low, copper mine supply was tight, midstream cathode copper inventory increased slowly, and the accumulation pressure declined, which was good for copper prices, but the global economic growth slowdown, and the uncertainty of Sino-US trade, market pessimism still exists, copper prices lack upward momentum
.
In terms of spot, intraday Shanghai copper is difficult to rebound, the pressure is obvious, the market confidence has been hit, the downstream temporarily stopped and waited, and traders due to the lack of premium profit margins are also difficult to do, making trading performance deadlocked
.
Technically, the main 1911 contract of Shanghai copper took the doji, the daily MACD red column grew, and the short-term shock is expected to be strong
.
