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Today's Shanghai copper main contract 1611 contract oscillation slightly rose to 37280 yuan / ton, up 0.
13% from yesterday's closing price, close to the intraday high of 37350 yuan / ton, back to the level of a month ago, but has not effectively broken through the upper M60, that is, 37350 yuan / ton resistance
.
In terms of term structure, the copper market showed a positive arrangement of near, low and far high, and the positive price difference between the Shanghai copper 1610 contract and the 1611 contract was 40 yuan / ton, indicating that the forward contract was more willing to rise
.
Externally: Asian market London copper oscillation higher, of which 3-month London copper slightly rose 0.
24% to 4779 US dollars / ton, currently London copper running at the intersection of M60 and M200 moving average, the shock trend has not reversed, the upper rebound resistance focus on 4800 US dollars / ton
.
In terms of positions, on September 16, the position of London copper was 336,000 lots, an increase of 887 lots from the 15th, and the increase in positions of London copper rose in the past week, indicating that the divergence between the low long and short levels has increased, and the confidence of the bulls to do long has climbed
.
Macro: The Asian dollar index continued to fall, further cutting the larger gains recorded on Friday, and is now trading around
95.
7.
The RBA's minutes for its September meeting released today hinted at a decline
in expectations of future rate cuts.
In addition, the market is currently focused on this week's Fed interest rate meeting, and expectations of interest rate hikes remain.
In terms of information: China's refined copper production in August increased by 12.
4% year-on-year to 743,000 tons, an increase of 2.
91% month-on-month, and monthly output hit a new high
since December last year.
At the same time, China's cumulative copper output from January to August was 5.
498 million tons, an increase of 8.
7%
year-on-year.
Market: On September 20, Shanghai electrolytic copper spot reported a premium of 80-120 yuan / ton, and the transaction price of flat water copper was 37270-37320 yuan / ton
.
The opening copper reported a premium of 120 yuan / ton, and the flat water copper reported a premium of 90 yuan / ton
.
After the delivery of 1609, some traders began to make long-term orders, preferring cost-effective flat water copper, so that the holders of this part of the copper quotation firm, and actively exchanged cash to ease the pressure
of imported copper supply in the future market.
Downstream fear of heights has led to a decline in the premium of low-cost flat water copper and wet copper
.
Affected by the upgrade of the tax code in Zhejiang at the end of September, traders have recently appeared the next month's pass.
Today's Shanghai copper 1611 contract oscillation continued to rise to 37280 yuan / ton, mainly boosted by the collective improvement of China's economic indicators in August, while the suspension of London copper stocks continued to increase, reducing the pressure
on copper prices.
In addition, the strong rise in other base metals in the surrounding area also improved the market investment sentiment
.
It is recommended that the Shanghai copper 1611 contract can be cautiously long above 36,700 yuan, with a target of 38,000 yuan / ton
.
