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On Monday, the Shanghai copper 1611 contract opened at 37840 yuan / ton, as London copper went lower, the bulls closed their positions one after another to hedge, stabilized around 37740 yuan / ton, the low touched 37710 yuan / ton, the dollar fell in the afternoon, Shanghai copper bears made up for the low, copper prices slowly rose to around 37800 yuan / ton, and a slight correction at the end of the day, closing at 37760 yuan / ton with a small black line
。 Intraday Shanghai copper high narrow range shock, Bollinger Road upper rail has become an important pressure level in the near future, the current LME copper inventory once again continued to rise sharply, London copper sharp pullback, may drag down the performance of Shanghai copper, overcome the upper pressure level is more difficult, but the domestic in the National Day consumption expectations, Shanghai copper resistance is strong, is expected to be dominated by high shocks, pay attention to 37600-37850 yuan / ton range
.
In terms of external trading, London copper opened at 4863.
5 US dollars / ton, China's two cities both opened low, in a short atmosphere, bulls continue to flee the copper market, copper prices along the daily moving average all the way down, in the afternoon the head of the Japanese central bank said that the Bank of Japan will implement a strong monetary easing policy under the new framework, hoping that the Japanese central bank has the determination to let the CPI achieve the 2% target, the yen / dollar rose slightly, the dollar passively fell, the center of gravity of London copper rose slightly, repeatedly tested the pressure of the daily moving average, and entered the European session, The LME announced that copper stocks increased by 7250 tons from the previous day to 364125 tons, and bulls closed their positions again to hedge, copper prices fell in shock, and as of 17:30, London copper was reported at $4824.
5 / ton
.
On the macro front: Copper prices rebounded
last week as the US Federal Reserve weakened the US dollar index as expected to maintain current interest rates.
Considering that the probability of a Fed rate hike in December remains high, this is still a potential bearish factor
for copper prices.
China's September PMI data will be released this Saturday, and it is worth watching whether
the domestic data can pick up further in September after experiencing the back-and-forth of domestic macroeconomic data for July and August.
In addition, on Tuesday the Bank of Japan published the minutes of its July monetary policy meeting, and a number of ECB and Fed officials will speak
.
In terms of market: Shanghai electrolytic copper spot reported a premium of 90-120 yuan / ton in the morning, a flat water copper trading price of 37800-37840 yuan / ton, and a premium copper trading price of 37820-37860 yuan / ton
.
In the morning, Shanghai copper fluctuated, and copper quotations continued to be firm
.
The opening copper report premium is 120 yuan / ton, the flat water copper report premium is 100 yuan / ton, and the wet copper report is 60-70 yuan / ton
.
Intraday traders are actively looking for low-priced supplies, but copper spreads across grades are difficult to widen
.
However, the holders' expectations for downstream pre-holiday stocking are still unabated, and the transaction price of wet copper and flat water copper increased slightly after the end of the first section, with flat water copper reporting 100-liter water 110 yuan / ton, wet copper reporting 70-liter water 80 yuan / ton
.
In the afternoon, the center of gravity of Shanghai copper is slightly raised, low-price flat water copper sources are more difficult to find, the price is firm, good copper supply is abundant, premium is difficult to lift, although the market has inquiry, but the receiving atmosphere is weakened, the actual transaction is general, flat water copper reported a premium of 100-110 yuan / ton, good copper reported 110-120 yuan / ton, the transaction price was slightly raised at 37810-37860 yuan / ton
.
Although the overall trading volume of copper during the day was stable, showing the characteristics of Monday, the strong premium reflected the pre-holiday consumption expectations
.
The recent weakening of the US dollar continues to support copper prices, and spot holders continue to expect downstream pre-holiday stocks, and spot premiums remain firm
.
On Monday, the domestic spot premium remained unchanged, still rising 90-120 yuan, and the overall transaction of copper showed the characteristics of
Monday.
This week is the last week of trading before the National Day long holiday, the market maintained a cautious mood, and Shanghai copper positions continued to run
low.
