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The LME copper market
is closed on Monday.
Shanghai copper main 2010 contract shock adjustment, the highest intraday 52230 yuan / ton, the lowest 51810 yuan / ton, the closing price of 51980 yuan / ton, down 0.
02% from the previous trading day's closing price; The trading volume was 96530 lots, and the daily decrease was 43977 lots; The position was 117479 lots, an increase of 2657 lots
per day.
basis 25 yuan/ton; Shanghai copper 2010-2011 price difference -20 yuan / ton
.
Market focus: (1) China's manufacturing PMI index in August was 51, lower than the previous value of 51.
1; the service PMI index was 55.
2, higher than the previous value of 54.
2
.
(2) As of August 28, China's copper smelting TC price was $48/dry ton, unchanged from last week and at an eight-year low
.
Spot analysis: On August 31, spot 1# electrolytic copper was quoted at 51890-52120 yuan / ton, with an average price of 52005 yuan / ton, a daily increase of 225 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 58,117 tons on Monday, a daily increase of 576 tons; On August 28, LME copper stocks were 89,350 tons, down 1,425 tons
per day.
As of the week ended August 28, the previous Shanghai copper inventory was reported 170086 tons, down 2,180 tons
weekly.
Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 82299 lots, a daily increase of 3059 lots, short positions were 75999 lots, a daily increase of 1636 lots, a net long position of 6300 lots, a daily increase of 1423 lots, both long and short increases, and a net long increase
.
Fed Chairman Jerome Powell released a dovish message as expected, emphasizing employment and introducing an average inflation target, which put pressure on the dollar index to the downside; At the same time, the current copper mine processing fee TC is running at a low level, the supply of raw materials is still tight, and the Grasberg copper and gold mine in Indonesia has also been affected by the protests recently; And London copper stocks have deteriorated sharply, due to the gradual recovery of overseas economies and increased exports to China, which have now fallen to a new low in nearly 14 years, which has strengthened copper price support
.
However, tensions between China and the United States are heating up, and the game between the two sides has intensified, making the market risk sentiment cautious; And the current market is in the off-season, processing enterprise orders are flat, downstream demand is still weak, and there is still resistance
above copper prices.
Technically, the Shanghai copper 2010 contract contraction closed the doji, and the mainstream bulls increased their positions more, and it is expected that the short-term volatility will be strong
.
