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On November 2, the external trend: Asian market London copper oscillation lower, of which 3 months London copper trading at 6968-6905 US dollars / ton, now trading at 6921 US dollars / ton, the first decline in four trading days, the current London copper back to the oscillation range operation, showing that there is strong technical support below, 6800 US dollars / ton mark support is still effective
.
In terms of positions, on October 31, the position of London copper was 330,000 lots, a daily decrease of 3,206 lots, and a cumulative decrease of 9,459 lots in the past week, indicating that funds actively exited the market, especially short dips took profits
.
Spot: According to SMM reports, on November 2, Shanghai electrolytic copper spot for the current month contract reported a premium of 50 yuan / ton - 120 yuan / ton, and the transaction price of flat water copper was 54230-54380 yuan / ton
.
Holders continue to enthusiastically quote, but there is still no response, good copper adjusted to 100 yuan / ton, the transaction is acceptable, flat water copper stalemate in the premium 50-60 yuan / ton, the transaction has not improved, wet copper discount 30-20 yuan / ton, intraday inquiry atmosphere is not as good as yesterday, good copper performance is deadlocked, premium does not want to fall too much, flat water copper is still in the price, two consecutive days of poor transactions, supply and demand sides are still in a
tug-of-war.
Internal market trend: Shanghai copper main contract 1712 under pressure decline, intraday trading at 54420-53820 yuan / ton, the end of the close at 54050 yuan / ton, down 0.
75% daily, its performance continues to be worse than Shanghai nickel (2.
12%), the current Shanghai copper returned to the nearly a week of oscillation finishing platform nearby, showing long and short trading repeatedly
.
In terms of term structure, the copper market showed a negative arrangement of near high and far low, but the negative spread between the Shanghai copper 1712 contract and the 1801 contract remained at 10 yuan / ton
.
Analysis of market factors: The Asian dollar index fell under pressure, completely giving up its overnight gains, and is now trading around
94.
5.
The final Markit manufacturing PMI in the United States came in at 54.
6 in October, the highest since January and slightly higher than expectations and the preliminary reading of 54.
5
.
At the same time, the ISM manufacturing index in the United States in October was 58.
7, a slowdown from the 13-year high set last month, but still higher than the average of the previous eight months, indicating that the overall manufacturing industry still maintains a stable and positive trend
.
Market research and judgment: On November 2, the Shanghai copper 1712 contract oscillation fell slightly to 54040 yuan / ton, still running on the oscillation finishing platform
in the past two weeks.
Shanghai nickel gap opened high and went high during the day, accompanied by the operation of increasing positions, indicating that funds flowed into the nickel market, and outflowed out of the copper market, as the dollar index remained high, which brought a strong downward pressure
on copper prices.
It is recommended that Shanghai copper is still dominated by high
altitudes.
The Shanghai copper 1712 contract can be short around 54500 yuan, the stop loss reference is 55000 yuan, and the lower support is concerned about 53500 yuan / ton
.
