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Overnight, the Shanghai copper 1701 contract opened higher at 38,780 yuan / ton
.
At the beginning of the session, long and short near the daily moving average to fight, Shanghai copper narrow range oscillation, low 38740 yuan / ton, after Lun copper sharply higher led the bulls gradually strengthened, Shanghai copper high test 39180 yuan / ton, the end of the high attracted some bears to increase positions, Shanghai copper high pullback fell near the daily moving average, closed at 39040 yuan / ton, up 380 yuan / ton, trading volume decreased 29148 hands to 120248 lots, and the position increased 7910 hands to 183272 lots
。 Overnight Shanghai copper bulls are in good morale, upward impact front high, the whole line station on the Bollinger Road on the rail, is expected to consolidate at today's high level, Shanghai copper running range of 38700 ~ 39150 yuan / ton
.
In terms of market: on November 1, Shanghai electrolytic copper spot pair of the current month contract reported a premium of 90 yuan / ton - 160 yuan / ton, and the trading price of flat water copper was 38650-38820 yuan / ton
。 Morning holders can't wait to pull up the premium quotation, speculators favor to absorb 100-130 yuan / ton of premium mid-range flat water copper and good copper, low-priced sources are quickly digested, premium all the way up, flat water copper brand price difference continues to open to about 40 yuan / ton, good copper premium push up is more passive, the mainstream of the transaction is about 150 yuan / ton, although the overall transaction has improved, but did not see downstream obvious entry into the market, mostly wait-and-see, speculators are still the main driver of the rise
.
Inventory: As of October 28, the previous Shanghai copper inventory reported 102548 tons, a weekly decrease of 15,086 tons, far lower than the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic stocks is much weaker than that of foreign countries
.
Shanghai copper closed strongly at 39,040 yuan / ton overnight, as China's higher manufacturing PMI in October further confirmed that China's copper demand improvement sentiment boosted, Shanghai copper is now effectively stabilized above the moving average group, the upward trend is obvious
.
In terms of operation, it is recommended that the Shanghai copper 1701 contract can be cautiously held above 38,600 yuan, with a target of 39,500 yuan
.
