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Overnight, under the atmosphere of the outer market, the main 1612 contract of Shanghai copper opened lower at 37210 yuan / ton
.
The low attracted long buying, Shanghai copper rushed up to 37400 yuan / ton, the 20-day moving average was blocked from falling, the bears took the baton to increase positions, Shanghai copper all the way down, bottomed out 37160 yuan / ton, the position stabilized at the end of the day, closed at 37200 yuan / ton, down 100 yuan / ton, the trading volume increased by 9004 hands to 97474 lots, and the position increased by 13960 hands to 209,000 lots
.
Overnight, Shanghai copper rushed back down, closing a doji line, and the 40-day moving average below was strongly supported
.
It is expected that the main operating range of copper in Shanghai today is 37000-37400 yuan / ton
.
Spot: On October 14, Shanghai electrolytic copper spot reported a premium of 60 yuan / ton - 120 yuan / ton for the monthly contract, and the trading price of flat water copper was 37550-37600 yuan / ton
.
Near the month change, the basis of the next month is inverted, the current copper premium continues to narrow, the supply brands are diversified, the quotation of good copper is mostly maintained near the delivery level, speculators are mainly wait-and-see, a small number of markets are entered in the morning to absorb low-priced goods, downstream bargains enter the market, the transaction is slightly warmer than yesterday, still in a state of rigid demand, the market is waiting for the operation after the month
.
Stocks: As of October 14, the previous Shanghai copper inventory reported 121439 tons, a weekly increase of 14,381 tons, but still far below the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic inventories is much weaker than that of foreign countries
.
Copper fell under pressure in Friday's night market as the U.
S.
dollar index remained high and China's poor trade data for September added to concerns about China's economic slowdown, and copper fell back below the moving average group, increasing short-term
downside risks.
It is recommended that the Shanghai copper 1612 contract can be cautiously held short orders below 37800 yuan, and the target reference is 36800 yuan
.
