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Today's Shanghai copper main contract 1612 contract extended the overnight rally, closing at 38160 yuan / ton, close to the intraday high of 38180 yuan / ton, up 1.
35% from yesterday's close, the daily closing price hit a new high since August 1 this year, partly driven by the rise in peripheral commodities, of which the Shanghai nickel main contract rose 1.
45%.
At present, Shanghai copper is effectively running above the moving average group, and the upward trend is obvious
.
In terms of term structure, the copper market turned into a negative arrangement of near high and far low, and the positive price difference between the Shanghai copper 1611 contract and the 1612 contract was 20 yuan / ton
.
Externally: Asian market London copper bottomed out, basically maintained the overnight rally, of which 3 months London copper flat to 4844 US dollars / ton, the current London copper effectively running above the moving average group, its rebound pattern maintained well, the upper rebound resistance focus on 5000 US dollars / ton
.
In terms of positions, on October 7, the position of London copper was 324,000 lots, an increase of 2,416 lots per day, indicating that bulls actively followed up
when London copper rose.
Macro: The Asian dollar index continued to rise to around 97.
1, and U.
S.
crude oil futures edged down 0.
51% under pressure, basically maintaining their overnight gains of as high as 3.
25%, as Iran agreed to limit oil output to 475-5 million b/d and Russian President Vladimir Putin said Russia was ready to join the freeze production deal
.
The market is now focused on China's September trade data
on Thursday.
In terms of industries, diversified miner Vedanta Resources said copper production in its production division in India increased 3% year-on-year to 97,000 tonnes in the first half of the fiscal year ended September 30, 2016, while copper production in Zambia decreased 1% year-on-year to 47,000 tonnes
.
In terms of market: on October 11, Shanghai electrolytic copper spot traded at 120 yuan / ton - 180 yuan / ton for the monthly contract, and the trading price of flat water copper was 38040-38140 yuan / ton
.
Shanghai copper rebounded sharply, the transaction of more than 38,000 yuan / ton was slightly lacking, the market mentality was differentiated, and the overall copper premium mentality was slightly insufficient
compared with yesterday.
After the downstream needs to replenish goods just after the holiday, today's fear of heights and entry into the market is relatively limited, the transaction is dominated by middlemen, and the characteristics of market oversupply are obvious
.
The Shanghai copper 1612 contract broke through strongly upward during the day, closing up to 38160 yuan / ton, showing that even if domestic loans and purchases are frequent, the short-term pressure on copper prices is relatively limited, because the short-term strong rise in crude oil futures partially improves market sentiment, and technically Shanghai copper maintains a rebound pattern
.
It is recommended that the Shanghai copper 1612 contract can be cautiously long above 37700 yuan, with a target of 38500 yuan / ton
.
