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Today's Shanghai copper main contract 1612 contract continued to high oscillation sorting, near the end of the low recovery, indicating that its willingness to fall weakened, intraday operating range of 37610-37270 yuan / ton, the end of the day stabilized to 37520 yuan / ton, slightly down 0.
48% from yesterday's closing price, the current Shanghai copper effectively running above the moving average group, the upward trend is obvious
.
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 1611 contract and the 1612 contract was flat to 20 yuan / ton
.
Externally: Asian market London copper bottomed out for the third consecutive day, showing that its willingness to fall weakened, of which 3-month London copper slightly rose 0.
38% to 4815 US dollars / ton, the current London copper effectively runs above the moving average group, its rebound pattern maintains a good pattern, the upper rebound resistance focuses on 5000 US dollars / ton
.
In terms of positions, on September 27, the position of London copper was 329,000 lots, an increase of 2,692 lots per day, and the short-term position of London copper increased and decreased, indicating that the long and short operations were more repeated
.
Macro: The Asian dollar index oscillated higher, now trading around 95.
6, overnight data released showed that the preliminary Markit manufacturing PMI in September was 51.
9, higher than expected and the previous value, indicating that the expansion of US service sector activity has accelerated, which will increase expectations of the Fed's interest rate hike in December
.
In terms of industry, it is reported that BHP Billiton's Escondida mine in Chile copper production fell 22% year-on-year in the first half of the year, due to the decline
in ore grade.
In terms of market: on September 28, Shanghai electrolytic copper spot reported a premium of 130-liter 180 yuan / ton, and the transaction price of flat water copper was 37580-37640 yuan / ton.
Spot copper quotes continued to rise
, driven by downstream buying.
At the same time, some holders consider that there may still be downstream buying on Thursday, so they choose to hold the goods at a high price and wait for the opportunity to replenish at a low price in the market
.
Overall, the copper market on Wednesday appeared to be active due to the increase in downstream buying, with both supply and demand
.
Today's Shanghai copper 1612 contract oscillation fell slightly to 37520 yuan / ton, partly weighed
down by the strengthening of the US dollar index.
However, due to the good rebound pattern of Shanghai copper, and the relative strength of other non-ferrous metals, especially Shanghai zinc and Shanghai nickel, it is also conducive to the stabilization
of copper prices.
It is recommended that the Shanghai copper 1612 contract can be cautiously long above 37200 yuan, with a target of 38000 yuan / ton
.
