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Affected by London copper, Shanghai copper opened low on Monday, and the price fell again after midday, and the main 1911 contract of Shanghai copper closed at 46770 (-340, -0.
72%)
as of the close of the day.
On the news, the market risk aversion during the long holiday was pervasive, the US ISM manufacturing PMI data was not good, recording the lowest level since June 09, the US-European trade frictions intensified, the probability of disorderly Brexit in the UK and other events further affected the market, London copper was restrained by the rapid downward trend
.
In terms of fundamentals, Chile's copper production in August was 517902 metric tons, up 11.
1% year-on-year, and the expectation of tight supply gradually dissipated
.
However, the domestic infrastructure development is still continuing, and the policy side has issued a new quota for next year's special debt in advance and expanded the scope of use, and the pattern of external weakness and internal strength continues, and there is still a strong expectation
in the medium term.
In the short term, this week is dragged down by London copper, the bottom of Shanghai copper is mainly weak, the support range is 4.
66-47,000, and the downstream recommendation can be appropriately bargained
.
