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LME copper opened low and rebounded on Friday, and as of 15:00 Beijing time, the three-month London copper was at $5,749 / ton, up 0.
49%
per day.
The main 1911 contract of Shanghai copper bottomed out, with the highest 47120 yuan / ton and the lowest 46650 yuan / ton during the day, and the closing price of 46920 yuan / ton, down 0.
42% from the closing price of the previous trading day; The trading volume was 130,900 lots, an increase of 11,832 lots per day, and the position was 195,500 lots, a daily decrease of 5,890 lots
.
The basis narrowed to -160 yuan/ton; The price difference between Shanghai copper in 1911-1912 narrowed to -10 yuan / ton
.
Market focus: The final gross domestic product (GDP) in the United States grew at an annualized quarterly rate of 2.
0% in the second quarter, in line with expectations
.
At 20:30 in the evening, the US will publish personal income and expenditure for August, as well as the PCE index, which is the Fed's preferred measure of inflation
.
From January to August, the total profit of industrial enterprises above designated size in the country fell by 1.
7% year-on-year, of which the profit growth of major industries such as automobiles, electronics, and nonferrous metals improved
.
Spot analysis: On September 27, spot 1# electrolytic copper was quoted at 46700-46820 yuan / ton, with an average price of 46760 yuan / ton, down 470 yuan / ton
daily.
The spot market has begun to show a festive atmosphere, traders have mostly entered a wait-and-see situation, holders who still have their own inventory are still trying their best to sell for cash, and a small number of downstream bargain prices are replenished
.
The market trading atmosphere has gradually shown the state of pre-holiday and final state, and the cliff-like decline state may be close to stopping the decline
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 39,696 tons on Friday, a daily decrease of 1,425 tons, down for 7 consecutive days; On 26 September, LME copper stocks were 271875 tonnes, down 4,950 tonnes
per day.
As of the week ended September 27, the stock of copper cathode on the Shanghai Futures Exchange was 117455 tons, a weekly decrease of 23,924 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract were 63891 lots, minus 3304 lots per day, short positions were 73175 lots, daily minus 373 lots, net short positions were 9284 lots, daily increase of 2931 lots, long and short were reduced, and net space increased
.
On September 27, the main force of Shanghai copper 1911 bottomed out
.
The strong performance of the US economic data, the increase in market confidence in the US economy, the strong performance of the US dollar, putting pressure on copper prices, while the continued weakness of downstream demand, and the uncertainty of Sino-US trade, are the main reasons for the lack of upward momentum in copper prices, but the current National Day holiday, the overall performance of the market is cautious, copper prices tend to maintain stable operation
.
In terms of spot, the spot market has begun to show a festive atmosphere, most traders have entered a wait-and-see situation, holders who still have their own inventory are still trying their best to sell for cash, and a small number of downstream bargain prices are replenished
.
Technically, the Shanghai copper main 1911 contract is long and lower, under pressure on the 10-day moving average, and is expected to run in a short-term shock.
