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Today's Shanghai copper main contract 1611 contract volatility slightly rose, closing at 36570 yuan / ton, slightly up 0.
16% from yesterday's closing price, for the eighth consecutive day to maintain a low narrow range of fluctuations, currently barely running around M200, its technical form is slightly stronger than London copper
.
In terms of term structure, the copper market showed a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1610 contract and the 1611 contract was flat to 20 yuan / ton
.
Externally: today's Asian market London copper rushed back down, of which 3-month London copper slightly rose 0.
17% to 4635 US dollars / ton, the current London copper is still effectively running under the moving average group, short-term decline risk remains
.
In terms of positions, on September 2, the position of London copper was 335,000 lots, an increase of 3,265 lots from the 1st, which was an increase for two consecutive days, indicating that copper prices fell to around $4,650 / ton, and the divergence between long and short increased, limiting its further downward momentum
.
Macro: The RBA kept interest rates unchanged today as scheduled and expects inflation to remain unchanged for a long time to come, the US dollar index oscillated slightly during the day, now trading around 95.
6, and the market is currently focused on tomorrow's China August trade balance
.
News: Chile's smaller Salvador copper mining union and company said Monday that striking workers had blocked access to the mine and affected production
.
Market: On September 5, Shanghai electrolytic copper spot reported a premium of 50-90 yuan / ton, and the transaction price of flat water copper was 36550-36600 yuan / ton
.
The opening good copper reported a premium of 90 yuan / ton, and the flat water copper reported a premium of 60 yuan / ton, but the transaction was weak
.
As import losses further narrowed, some imported copper flowed into the market, and holders wanted to take advantage of the high water and give priority to exchanging a large amount of good copper holdings
.
Downstream pick-ups continue to be blocked, waiting for suitable low-priced entry points
.
Intraday market transactions improved slightly after the price reduction, and after the low-priced supply was digested, the holder deliberately controlled the pace of release in order to slowly reduce the premium
.
Today's Shanghai copper 1611 contract oscillation rose slightly to 36570 yuan / ton, for the second consecutive day with the Shanghai copper sharp increase in position, showing that copper prices fell to 36500 yuan / ton near the long and short divergence, bulls began to actively intervene
.
However, given that copper is still running under the key technical support of M60 and London copper stocks continue to increase, the risk of copper prices falling remains
.
It is recommended that the Shanghai copper 1611 contract can be cautiously short below 37,000 yuan, with a target of 35,900 yuan
.
