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On Thursday, the main contract of Shanghai copper 1711 once again jumped 360 points lower to 50,640 yuan / ton, the sixth day of decline in the past seven trading days (cumulative decline of more than 6.
2%), intraday trading at 50850-50370 yuan / ton, the end of the day closed at 50380 yuan / ton, down 1.
22%, a new low
in nearly a month.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1710 contract and the 1711 contract remained at 50 yuan / ton, indicating that the forward contract was more
willing to fall.
In the external market, Asian Lun copper extended its decline, of which 3-month London copper traded at 6568-6487 US dollars / ton, down 0.
94% to 6493 US dollars / ton, hitting a low since August 18 this year, and the performance slightly resisted the decline in Shanghai copper
.
In terms of positions, on September 12, the position of London copper was 359,000 lots, an increase of 3,896 lots per day, which was six consecutive trading days, and the recent performance was an increase in positions and declines, indicating that the short-term long and short divergence increased, dominated by bears
.
On the macro front, the Asian dollar index was weak and volatile, continuing to trade around 92.
35, mainly boosted by new progress in
Trump's tax reform.
In addition, most of China's macroeconomic indicators performed poorly in August, especially the added value of industries above designated size increased by 6% year-on-year in August, far lower than the expected 6.
6%, causing the market to worry about
China's economic growth.
In terms of the market, on September 14, Shanghai electrolytic copper spot contracts reported a premium of 80-120 yuan / ton, flat water copper trading price of 50480-50680 yuan / ton, and premium copper trading price of 50500 yuan / ton - 50700 yuan / ton
.
Morning market holders put a small number of goods into the
trial.
Near delivery, some warehouse receipts have an outflow, different categories, and the price difference performance is large, silver warehouse receipts can be as low as 60-70 yuan / ton, and Guixi warehouse receipts can be as high as 130 yuan / ton
.
Downstream performance continued to buy positively, continuing to replenish dips
.
The premium of near-delivery is high, and the holders, especially the holders of the pre-hedging package, are actively shipping, and the market shows the characteristics of
both supply and demand active trading.
During the day, the Shanghai copper 1711 contract gaped low and closed down to 50380 yuan / ton, while London copper continued to fall under pressure after the Asian market closed, falling below the integer mark of 6500 US dollars / ton, mainly suppressed by China's short economic data, increasing the risk
of copper prices falling.
In terms of operation, it is recommended that the Shanghai copper 1711 contract maintain a short idea, and can hold short orders below 50,800 yuan, with a target of 50,000 yuan
.
