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LME copper fluctuated on Tuesday, as of 15:00 Beijing time, the three-month London copper was reported at $5841.
5 / ton, up 0.
47%
on a daily basis.
The main 1911 contract of Shanghai copper opened low and rebounded, with the highest 47,500 yuan / ton and the lowest 47,240 yuan / ton during the day, and the closing price was 47,430 yuan / ton, up 0.
02% from the closing price of the previous trading day; The trading volume was 103,600 lots, a daily decrease of 24,034 lots, and the position was 213,000 lots, an increase of 3,216 lots
per day.
Market focus: The Asian dollar index rose slightly, now trading at 98.
407, up 0.
1%
on the day.
China's August CPI rose 0.
7%, an increase of 0.
3 percentage points
from the previous month.
Fitch: The Fed is unlikely to make a series of rate cuts after December, and the Fed is expected to remain on hold until 2020
.
Spot analysis: On September 9, spot 1# electrolytic copper was quoted at 47430-47500 yuan / ton, with an average price of 47465 yuan / ton, a daily increase of 100 yuan / ton
.
The market continued to hold the price sentiment, the quotation was high, the market acceptance was hesitant, the high level of copper still suppressed consumption, the market stopped and waited at the high, the overall transaction did not improve, and the actual transaction market situation was still deadlocked; Approaching the Mid-Autumn Festival holiday, the willingness of cargo holders to hold prices remains unchanged, and the premium is difficult to fall
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 68,792 tons on Tuesday, a daily increase of 3,176 tons; As of September 9, LME copper stocks stood at 310,350 tonnes, down 2,925 tonnes from the previous session and falling for six consecutive years to a new low
since Aug.
15.
In the week ended September 6, copper cathode stocks on the Shanghai Futures Exchange were 162059 tons, a weekly increase of 18,183 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract were 73812 lots, a daily increase of 421 lots, short positions were 73594 lots, a daily increase of 1582 lots, a net long position of 218 lots, a daily decrease of 1161 lots, and the short position increase was greater than the long position
.
On September 10, the main force of Shanghai copper 1911 opened low and went high, falling into a high consolidation
.
During this period, China's August CPI rose month-on-month, and the macro atmosphere continued to improve, which provided some support
to copper prices.
At the same time, the upstream copper processing fee TC continued to be low, the supply of copper ore was tight, the midstream cathode copper inventory increased slowly, and the accumulation pressure declined, which was good for copper prices, but the global economic growth slowed down, and the uncertainty of Sino-US trade was large, market pessimism still existed, and copper prices lacked upward momentum
.
In terms of spot, the market continued to hold the price sentiment, the quotation was high, the market acceptance was hesitant, the high level of copper still suppressed consumption, the market stopped and waited at the high, and the overall transaction did not improve
.
Technically, the main 1911 contract of Shanghai copper is still above the moving average group, and the daily MACD red column is growing, and it is expected that the short-term performance is still expected to be firm
.
