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On Tuesday, the Shanghai copper 1612 contract opened at 37270 yuan / ton
.
At the beginning of the session, the narrow range of volatility trend continued overnight, and the bears gradually reduced their positions in the afternoon to avoid safety, Shanghai copper rose at the end of the day, recording a high of 37410 yuan / ton, and closed at 37400 yuan / ton, up 140 yuan / ton, the trading volume decreased by 74844 hands to 108748 lots, and the position decreased by 6300 hands to 195810 lots
.
The trading volume of the Shanghai Copper Index decreased by 108,000 lots to 197526 lots, and the position decreased by 13,264 lots to 442708 lots
.
Bears reduced their positions in Shanghai copper slightly to the upside, focusing on the 20-day moving average resistance
.
Externally, London copper opened at 4681 US dollars / ton, then the US dollar further pulled, the low touched 97.
608, and crude oil rose back above 50 US dollars / barrel, London copper rose, the Asian session touched a high of 4714 US dollars / ton, the 5-day moving average was blocked from falling, after China announced that September new RMB loans and social financing scale and other data, are significantly better than expected, market liquidity enhanced, the bulk is red, London copper back, as of 16:30, London copper reported 4700 US dollars / ton
。 Intraday London copper was supported by crude oil and the US dollar, and Chinese data also supported its low pullback, London copper or upward test of the 5-day moving average, focusing on the US CPI in September and NAHB housing market index
in October.
In terms of news, Iran's oil minister said yesterday that the new contract will help Iran reach the target of 5 million barrels per day of crude oil production, which puts pressure on international oil prices again
.
From the current market sentiment, there are still doubts about the actual implementation of crude oil production cuts, and crude oil prices currently lack sustained rebound momentum, which can be seen as bearish for copper prices
.
In the market, Shanghai copper rebounded slightly, and copper quotations stabilized and rose
slightly after delivery.
After the first quarter of the market closed, traders speculated again, and cost-effective flat water copper was particularly favored, which pushed up the quotation of good copper in the day, reporting a premium of 140 yuan / ton, and flat water copper reported a premium of more than
100 yuan / ton.
After the long National Day holiday, the willingness of middlemen to replenish stocks has rebounded, and traders are also actively buying zero orders near the delivery of long orders
.
In addition, the downstream dip premium water is purchased on demand, so that wet copper is stable at 30-50 yuan / ton
.
Intraday copper trading has significantly warmed up from Monday, and holders are willing to continue to
raise prices.
In the afternoon, middlemen still restocked, but the market is difficult to find low-priced sources, so supply and demand are deadlocked, the transaction is cooler than in the morning, good copper reported a premium of 140-150 yuan / ton, flat water copper reported a premium of 120 yuan / ton, the transaction price is 37380-37500 yuan / ton
.
On Tuesday, the non-ferrous metal market as a whole showed a volatile trend, the price rose after the resistance, the key resistance effect gradually appeared, overall, copper due to the early decline too fast, short-term may have adjustment demand, the original short orders on the transaction continue to hold
.
