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Overnight, affected by the continuous decline in the external market, the main 1612 contract of Shanghai copper opened lower at 37200 yuan / ton
.
After the opening, bears have increased their positions, Shanghai copper fell below the 40-day moving average, the low touched 36970 yuan / ton after consolidation, with the release of U.
S.
crude oil inventory data, bears have reduced their positions to hedge, Shanghai copper rushed to 37440 yuan / ton, the end of the day slightly pulled back to stabilize, closed at 37300 yuan / ton, up 30 yuan / ton, trading volume increased 21346 hands to 132486 lots, position decreased 3150 hands to 194122 lots
。 Overnight Shanghai copper broke down after the low level rose, crude oil led copper prices to launch a wave of upward attack, bears left the market in a hurry, today's daytime news is light, it is expected that Shanghai copper fell in the moving average oscillation, the range of 37100-37350 yuan / ton
.
In terms of market: on October 19, Shanghai electrolytic copper spot contract reported a premium of 100 yuan / ton - 160 yuan / ton, and the trading price of flat water copper was 37380-37420 yuan / ton
.
In the morning, speculators entered the market in large numbers to receive goods, bargain sucked goods, in order to push up the quotation of copper premium, the market trading was once active, but after entering the second trading session, the current copper premium was gradually raised, that is, inhibiting the market transaction activity, the downstream is mainly on-demand delivery, the transaction first rises and then suppresses, and continues to be dominated by middlemen replenishing inventory
.
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
.
Shanghai copper bottomed out overnight, sharply cutting intraday losses, as China's economic data in the third quarter was mixed, and long and short divergences were large
.
Technically, Shanghai copper has not yet fallen below the main moving average support, and has been at a low level for a week, which also highlights the entanglement
of copper price trends.
Caution in operation, it is recommended that the Shanghai copper 1612 contract can be sold high and low between 36900-37800 yuan, and the stop loss is 350 yuan / ton
each.
