Shanghai copper intraday low recovery long and short may start a tug-of-war

In terms of external trading, London copper opened at 4838 US dollars / ton, the central bank continued to withdraw a large amount of 91.
5 billion yuan during the Asian session, the two cities continued to be weak, copper prices leaked sharply, the low broke through the 5-day moving average, probed as low as 4806.
5 US dollars / ton, China announced that the profit growth rate of industrial enterprises above designated size hit a three-year high in August, short cover led copper prices to rise at a low level, after a short stay near the daily moving average, base metals rose collectively during the European session, copper prices continued to advance, and the high touched $4845 / ton, However, the LME then announced that stocks increased by another 7,350 tons to 371475 tons, and copper prices fell sharply, and as of 17:15, London copper was reported at $4816/tonne
.

On the macro front, the crude oil index fluctuated and rose due to the discussion of crude oil frozen production in the OPEC meeting, but the market generally believes that it is difficult to reach a crude oil frozen production agreement, so this wave of oil prices has insufficient momentum, and the pattern of low volatility is difficult to change
.

In terms of news, the Philippines announced the closure of some operations, and the shutdown of nickel ore production will account for about
55.
5% of the Philippines.
Under the impact of this news, the base metals that were originally weak and pullback bottomed out and rebounded higher under the leadership of nickel, with nickel rising the most rapidly
.
Copper's futures are weak in vitality and the rebound is lighter
.

In the market, copper quotations rose and rose
under the influence of pre-holiday stocking sentiment.
The opening is high, good copper reports 130 yuan / ton, flat water copper reports 100 yuan / ton, wet copper reports 60-70 yuan / ton
.
After 9:30, the diving of the market stimulated the downstream to start bargaining and increase the buying of goods, traders speculated more actively, and the copper premium climbed immediately
.
By 11 o'clock, good copper reported a premium of 140 yuan / ton, flat water copper reported a premium of 120 yuan / ton, and wet copper reported a premium of 80 yuan / ton
.
In the afternoon, copper probing low rebounded, back to the morning market operating range, holders of goods to support the premium, good copper, flat water copper and wet copper quotations go hand in hand, transaction activity is suppressed, compared with the morning fall, flat water copper reported a premium of 100-120 yuan / ton, premium copper reported 120-140 yuan / ton, the transaction was 37620-37770 yuan / ton
.
The intraday trading volume was significantly larger than Monday, basically fulfilling the expectations of holders who were optimistic about pre-holiday stocking
.
Downstream stocking enthusiasm is expected to continue until Thursday afternoon
.

The main force of Shanghai copper rebounded during the day, and the 5-day moving average still showed support, and the lower lead was longer, or caused long and short entanglement
.
The recent sharp rise in London copper inventories has dragged down the trend of Shanghai copper, and it is expected that Shanghai copper will continue to test the support near the 5-day moving average in the short term, and there may be a tug of war
here.