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Shanghai copper afternoon review on September 5

 Last Update: 2022-12-16
 Source: Internet
 Author: User

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Last night, the internal and external markets generally rose, London copper rushed 5760 US dollars / ton, up 2.
5%, Shanghai copper hit a recent high, the high broke through the 47000 yuan / ton mark
.
The position of the main Shanghai copper contract 1911 has reached 214,000 lots, and the position of the Shanghai copper index has decreased by 7,686 lots to 640,000 lots, mainly due to the reduction of short positions
.

Shanghai copper

Last night's rally was mainly due to the weak performance of the US manufacturing industry in recent days, coupled with the announcement last night that the US trade deficit in July widened more than expected, increasing the market's expectations for further interest rate cuts by the Federal Reserve, and the dollar fell sharply to around 98.
5, which boosted copper prices
.
At present, Shanghai copper has rebounded as a whole, and the domestic side has supported copper prices due to China's August Caixin PMI data, easing market tensions, and the stock market has also strengthened
.
However, on the whole, the world's major economies are still not optimistic, in Europe, the risk of Brexit and the risk of the Italian political situation remain, and the macro support force is weak, but the market's expectations for fundamental consumption have improved, and copper prices are expected to continue to maintain a stable high level today
.

Spot prices rose sharply today, despite this, due to the recent limited market circulation and strong expectations for "Golden Nine Silver Ten" consumption, the overall market trading turned hot, so the recent premium has remained high, and it is expected to remain high today
.
It is expected that today's Shanghai copper 46800-47100 yuan / ton, spot premium 90-130 yuan / ton
.

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