Shanghai copper morning review on September 21

Market: On September 20, Shanghai electrolytic copper spot reported a premium of 80-120 yuan / ton, and the transaction price of flat water copper was 37270-37320 yuan / ton
.
The opening copper reported a premium of 120 yuan / ton, and the flat water copper reported a premium of 90 yuan / ton
.
After the delivery of 1609, some traders began to make long-term deliveries, preferring cost-effective flat water copper, so that the holders of this part of the copper quotation firm, and actively exchanged cash to ease the pressure of imported copper supply in the future market, and the downstream feared heights
.
Affected by the upgrade of the tax code in Zhejiang at the end of September, traders have recently appeared the next month's pass.

Inventories: As of September 14, the previous period of Shanghai copper stocks reported 136329 tons, down 7,387 tons from last Friday, and far lower than the average inventory value of 238,000 tons during the year, hitting a low since September 2 last year, indicating that domestic inventory pressure is weakening
relative to foreign countries.

Industry: According to data from the International Copper Research Group (ICSG), the global refined copper market was short of 83,000 tons in June, 69,000 tons in May, and 306,000 tons in the global copper market from January to June, much higher than the shortage of 54,000 tons
in the same period last year.

The main Shanghai copper contract oscillated overnight to 37,370 yuan / ton, as China's August economic indicators were stronger than expected, and the demand outlook for the copper market improved
slightly.
At present, the market is focused on the Fed interest rate meeting in the early hours of Thursday morning, until then, long and short trading is still cautious, and the Shanghai copper 1611 contract can be cautiously long above 36800 yuan, with a target of 37800 yuan
.