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Overnight, the main 1701 contract of Shanghai copper opened at 40400 yuan / ton
.
As the external market continued to rise, Shanghai copper bulls have increased their positions, copper prices soared to touch the highest level since July last year at 41960 yuan / ton, late high narrow range shock consolidation, closed at 41850 yuan / ton, up 1480 yuan / ton
.
Overnight Shanghai copper broke upward, technically supporting copper prices to continue to rise, is expected to operate in today's range of 41200~42000 yuan / ton
.
In terms of market: on November 8, the spot price of marine electrolytic copper was reported at 30 yuan / ton - 80 yuan / ton for the monthly contract, and the trading price of flat water copper was 40340-40640 yuan / ton
。 Morning market copper quotations were once disordered, with speculators entering the market in large numbers to absorb low-priced sources, buying cash selling period, the source of cash copper has decreased, especially premium copper is favored, and then some holders due to long order delivery demand into the market to receive, flat water copper sources decreased, the premium earlier has risen, near noon, Shanghai copper further rapid rise, the basis between contracts widened, making it difficult for holders to quote, transaction is also blocked, downstream in more than 40,000 yuan wait-and-see sentiment is still there, market transactions are dominated
by middlemen.
Inventory: As of November 4, the previous Shanghai copper inventory was reported at 97,839 tons, a weekly decrease of 4,709 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 rose strongly to 41850 yuan / ton overnight, the results of the US presidential election are about to be announced around noon today, copper prices in recent weeks digested the impact of Hillary's possible victory, and the day needs to be wary of high profit taking
after the profit is exhausted.
In operation, it is recommended that the Shanghai copper 1701 contract can be sold high and low between 41000-42500 yuan, and the stop loss is 500 yuan / ton
each.
