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LME copper fluctuated bearish on Thursday, and as of 15:00 Beijing time, the three-month London copper was at $5,791 / ton, down 0.
24%
on the day.
The main 1911 contract of Shanghai copper opened low and fluctuated, with the highest 47220 yuan / ton and the lowest 47030 yuan / ton during the day, and the closing price of 47070 yuan / ton, down 0.
51%
from the previous trading day's closing price.
Market focus: The Fed announced a 25 basis point rate cut, but there is little indication of further rate
cuts in the future.
The Bank of Japan kept monetary policy unchanged but signaled it could act at next month's meeting, saying it believed there might be insufficient momentum to achieve its inflation target
.
WBMS data shows that the global copper market has a supply shortage of 27,000 tons from January to July 2019, and the supply gap from January to June is 41,000 tons; China's apparent demand from January to July 2019 is 6.
754 million tons, down 3.
9%
from the same period last year.
Spot analysis: On September 19, spot 1# electrolytic copper quotation was 47410-47510 yuan / ton, and the average price was 47460 yuan / ton, unchanged from yesterday
.
Intraday traders are still the leaders of market receipts, and the proportion of downstream restocking following the dip has increased, but the continued high premium has inhibited the enthusiasm for trade buying and rising at a high level, but the quotation is firm, it is difficult to reduce the price, and the sustainability of pre-holiday stocking was basically confirmed
by the market at the beginning of the week.
Market holders grasp the initiative of quotation, and the premium is difficult to fall
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 66,899 tons on Thursday, a daily decrease of 596 tons; On September 18, LME copper stocks were 295,800 tons, down 3,525 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract are 71062 lots, an increase of 340 lots per day, short positions are 80057 lots, a daily increase of 388 lots, net short positions are 8995 lots, a daily increase of 48 lots, more short increases, net short increases
.
On September 19, the main force of Shanghai copper 1911 opened low and went
low.
The Fed's hawkish interest rate cut, the dollar rose, and the Sino-US trade situation has been digested slightly, and the global economic downward pressure background, copper prices are weak, while copper inventories have recently declined slightly overall, and copper processing fees TC continued to be low, forming some support
for copper prices.
In terms of spot, traders are still the leaders in market receipts, the proportion of downstream following bargain hunting replenishment has increased, and the sustainability of pre-holiday stocking was basically confirmed by the market at the beginning of the week.
Technically, the daily MACD red column of the main 1911 contract of Shanghai copper is shortened, and short-term volatility is expected to be bearish
.
