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Today's Shanghai copper main contract 1610 contract oscillation rebound, boosted by better than expected China's August manufacturing PMI, rose to 36530 yuan / ton, up 0.
72% from yesterday's closing price, barely standing on the support level of M200 36430 yuan / ton, its technical form is slightly stronger than London copper
.
In the external market, today's Asian market London copper oscillation rebound, its rise is much weaker than Lun zinc and London lead, of which 3-month London copper slightly rose 0.
5% to 4641 US dollars / ton, the current London copper is still effectively running below the moving average group, short-term decline risk remains
.
Macro: The Asian dollar index continued to rebound, now trading around 96.
1, so far the dollar index has risen 0.
65%, increasing the pressure
on base metals.
However, China's Caixin manufacturing PMI for August edged down to 50 and the official manufacturing PMI rose to 50.
4, indicating a slight expansion of domestic manufacturing activity, slightly stronger than expected, partially offsetting the pressure on the stronger US dollar
.
The market is now focused on Friday's US non-farm payrolls data
.
In terms of market: on September 1, Shanghai electrolytic copper spot reported a premium of 50-90 yuan / ton, and the transaction price of flat water copper was 36440-36500 yuan / ton, and the copper premium continued to rise
.
Due to the continued lack of wet copper quotations in the market, traders speculate and turn to the pursuit of flat water copper, and flat water copper quotations are 60-70 yuan / ton
.
The intraday trading activity is mainly contributed by traders, although the downstream has not entered the market on a large scale, but the inquiry is active, and the market may continue to strengthen
when the premium is nearly 100.
Today's Shanghai copper 1610 contract oscillated to 36530 yuan / ton, as Shanghai copper continued to reduce its position, showing that the long and short actively reduced their positions and left the market, and the confidence of bulls to buy the low is still insufficient
.
Given that copper is still running at the 37,000 yuan / ton integer mark and the key technical support of M60, and the US dollar index remains strong, the risk of copper prices falling remains
.
It is recommended that the Shanghai copper 1610 contract can be cautiously short below 37,000 yuan, with a target of 35,900 yuan
.
