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Overnight, the Shanghai copper 1611 contract opened low at 36560 yuan / ton, after the opening of the long and short glue, copper prices rushed back down, the highest touched 36630 yuan / ton after the pressure of the 5-day line down, low 36470 yuan / ton, low to stimulate bulls to grab, copper prices rebounded to recover the 10-day moving average, the end of the day to reduce positions down
.
In the end, Shanghai copper closed at 36540 yuan / ton, down 80 yuan / ton, and the warehouse increased by 3764 lots
.
Overnight Shanghai copper wide volatility, the 5-day line is facing greater pressure, the lower support test is effective, pay attention to today's dollar trend, it is expected that today's Shanghai copper fluctuates
within 36400 yuan / ton to 36700 yuan / ton.
Macro: As the Fed's interest rate hike window approached, expectations of interest rate hikes rose, the dollar index remained strong, crude oil plunged 4%, and the market fell
.
China's CPI data has fallen sharply, due to the impact of high base and pork prices, and there is limited
room for further monetary policy easing.
Market: On September 9, Shanghai electrolytic copper spot reported a premium of 70-liter 110 yuan / ton, flat water copper transaction price of 36690-36750 yuan / ton, open good copper reported a premium of 90 ~ liter 100 yuan / ton, traders in the expectation of the return of downstream reserves, bargain buying actively
.
Seeing this, the holders raised their quotations, and the downstream is still stocking sporadically, making traders optimistic that the stocking expectations before next week's holiday will not change
.
With only 3 trading days to go next week, speculative buying is calm
.
Inventories: This week, Shanghai copper stocks in the previous period reported 143716 tons, down 8,688 tons from last Friday, and far lower than the average inventory value of 238,000 tons during the year, hitting a low since September 2 last year, indicating that domestic inventory pressure is weakening
relative to foreign countries.
Last Friday's night market Shanghai copper main contract fell to 36540 yuan / ton, suppressed by the strong rise of the US dollar index, but copper prices have repeatedly fallen, and have been fluctuating at a low level for more than two weeks, indicating that its willingness to fall has weakened
.
Watch for China's economic data guidance
next week.
In terms of operation, it is recommended that the Shanghai copper 1611 contract can be sold high and low between 36400-37000 yuan, and the stop loss is 350 yuan / ton
each.
