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On Wednesday, base metals mostly fell under pressure, and bearish sentiment rose slightly, indicating that bulls have significantly less
confidence in bargain hunting.
The Shanghai copper 1811 contract also oscillated and rebounded, basically recovering its intraday decline, closing at 47730 yuan / ton at the end of the day, down slightly by 0.
04%
on the day.
At present, copper is still operating below the main moving average group, and the downside risk is greater
.
In the external market, as of 15:39 Beijing time, the three-month London copper was reported at 5917 US dollars / ton, up slightly by 0.
63% on the day, and the lower support focused on 5850 US dollars / ton
.
In terms of spot, on September 12, Shanghai electrolytic copper spot contracts reported flat water - premium water 40 yuan / ton, flat water copper trading price of 47800-47930 yuan / ton
.
The profit of the Shanghai copper import window remained stable at about
500 yuan / ton.
Morning maintenance stability yesterday's quotation, quotation flat water - premium 40 yuan / ton, traders low prices, the transaction atmosphere is slightly deadlocked, so the holder lowered the quotation, good copper quotation to 20 yuan / ton, flat water copper general quotation flat water, can be pressed to discount 10 yuan / ton to receive
.
Traders received goods at low prices, and low-priced goods in the market were quickly collected
.
Intraday low-priced sources are still favored by traders, and the market is also dominated by traders, paying attention to the guidance of changes in the spread of the next month
.
On the news, the Asian dollar index retreated higher, indicating heavier topside selling pressure, now trading around 95.
05, as the trade conflict between the United States and Canada will ease, Canada may be ready to make concessions to the United States to solve the problems
they encountered in the NAFTA revision negotiations.
In the short term
, the market focuses on China's M1 and M2 growth rates in August.
In terms of industries, as of September 11, LME copper stocks fell for the sixth consecutive day to 234,300 tons, a new low since January 22 this year (211775 tons), indicating that foreign downstream copper consumption has improved
recently.
Overall, copper futures opened low and higher, indicating that its willingness to fall has weakened, mainly boosted by the weakening of the US dollar and the demand for a technical rebound in copper prices, but due to concerns about the escalation of the Sino-US trade war, the height of the copper price rebound may be limited
.
Operationally, it is recommended that the Shanghai copper 1811 contract can sell high and low in the range of 47500-48000 yuan, and the stop loss is 400 yuan / ton
each.
