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On Tuesday, base metals fell across the board, and bearish sentiment rose
further.
Among them, the Shanghai nickel 1811 contract fell first, down 2.
42%, while the Shanghai copper 1811 contract fell closely behind, closing at 47680 yuan / ton, down 1% per day, for four consecutive days, now falling below the main moving average group, the risk of decline increases
.
In the external market, as of 15:30 Beijing time, the 3-month London copper was reported at 5905 US dollars / ton, down 0.
67% on the day, and the lower support focused on 5800 US dollars / ton
.
In terms of spot, on September 4, Shanghai electrolytic copper spot reported a premium of 120-170 yuan / ton for the monthly contract, and the transaction price of flat water copper was 48200-48240 yuan / ton
.
The quotation of the holder is strong in the good copper premium of about 160 yuan / ton, flat water copper premium of about 130 yuan / ton, although the market inquiry atmosphere is positive, but the actual transaction has resistance
.
Downstream hesitation to enter the market, pay close attention to wet copper premium 30 yuan / ton -40 yuan / ton, low-end imported copper some brands concentrated on the premium of about
70 yuan / ton.
Market transactions are still dominated by traders, but traders need to reduce prices, and low-priced sources can have transaction opportunities
.
Intraday import costs hovered near the break-even point, the market performance was more tangled, the supply and demand sides showed a stalemate, and the spot premium was difficult to reduce
temporarily.
In terms of news, the Asian dollar index oscillated and rebounded, now trading around 95.
4, up more than 3%
on a daily basis.
Markets remain weighed down by concerns about U.
S.
-China trade talks, as U.
S.
President Donald Trump's deadline for public comment on tariffs on $200 billion of Chinese goods is September 5, and new tariffs could be implemented
later that month.
In terms of industry, it is reported that nearly 90% of China's newly expanded crude refining capacity has been put into operation
in 2018.
Overall, intraday copper fell under pressure, and the decline ranked in the middle of the base metals, indicating that its inherent downward momentum is strong, as the market still expresses concern
about the Sino-US trade war.
Moreover, the strong rebound of the US dollar index also increased the risk
of copper prices falling.
Operationally, it is recommended that the Shanghai copper 1811 contract is backed by 48,500 yuan below the sky, with an entry reference of 47,900 yuan / ton, and a target of 47,000 yuan / ton
.
