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Today's Shanghai copper main contract 1612 contract climbed strongly, soaring to 38010 yuan / ton at the end of the day, up 1.
77% per day, the daily closing price is close to the high set on October 11 this year, and back to the moving average group above the run, the upward trend is obvious
.
In terms of term structure, the Shanghai copper 1611 contract and the 1612 contract have a negative spread of 30 yuan / ton
.
Externally: Asian Lun copper rose strongly, of which 3-month London copper rose 1.
51% daily to 4713 US dollars / ton, sharply recovered the recent decline, back to the average line intertwined operation, but its technical form is still weaker than Shanghai copper, short-term operating range focus on 4650-4850 US dollars / ton
.
In terms of positions, on October 21, the position of London copper was 314,000 lots, an increase of 214 lots per day, which was at a low level during the year, indicating that after the copper price declined, the long and short actively reduced their positions and left the market
.
Macro: The Asian dollar index stabilized around 98.
7 as short-term U.
S.
economic data was strong
.
The preliminary Markit manufacturing PMI in October was 53.
2, the highest since October 2015 and higher than the expected 51.
5, indicating that the US manufacturing industry continues to expand
.
During the week, the market focused on the third quarter GDP of the United Kingdom and the United States on Wednesday and Thursday, and it is expected to be long
and short.
In terms of industry, refined copper imports in September were 242792 tons, down 31.
01% year-on-year, the cumulative imports of refined copper from January to September were 2.
8 million tons, an increase of 9.
8% year-on-year, and copper concentrate imports were 12.
24 million tons in the same period, an increase of 31.
27%
year-on-year.
In terms of the market: on October 25, Shanghai electrolytic copper spot on the current month contract reported a premium of 270 yuan / ton - 350 yuan / ton, flat water copper trading price of 37970 yuan / ton - 38230 yuan / ton, morning market speculators due to bullish market operation, the current copper premium continued to be pushed up wildly, directly pulled up to 300 yuan / ton - 350 yuan / ton, but after entering the second trading session, Shanghai copper rose sharply by more than 300 yuan / ton, copper speculative outflow, supply gradually increased, copper premium narrowed, Slowly declining, the downstream is mainly rigid, rational wait-and-see
.
The Shanghai copper 1612 contract rose strongly during the day as the continued rise in coking coal and coke pulled up Shanghai zinc and aluminum, and the depreciation of the renminbi stimulated inflation expectations
.
Copper prices are also passively higher, and Shanghai copper is now running above the moving average group, and the short-term upside willingness has increased
.
In terms of operation, it is recommended that the Shanghai copper 1612 contract can be backed above 37500 yuan, and the entry is concerned about around 37800 yuan, with a target of 38500 yuan / ton
.
