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Overnight, the Shanghai copper 1611 contract opened high at 37770 yuan / ton, after the opening of the bulls continued to increase positions, copper prices climbed to 37900 yuan / ton, and then the pressure near the integer pass was highlighted, the bulls reduced their positions to avoid, and the copper price pulled back.
Finally, Shanghai copper closed at 37780 yuan / ton, up 290 yuan / ton, and the warehouse increased by 3276 lots
.
Overnight Shanghai copper opened high volatility, bulls rarely actively shot, market atmosphere continues to be bullish, today is expected to still backtest below support, it is expected that today's Shanghai copper in 37500 yuan / ton to 37850 yuan / ton oscillation
.
Market: On September 22, Shanghai electrolytic copper spot reported a premium of 90-120 yuan / ton, the transaction price of flat water copper was 37550-37680 yuan / ton, the supply of copper market within the day was sufficient, the import source inflow gradually appeared, and the delivery source also flowed out, but based on downstream consumption expectations still existing, the holders' quotation of flat water copper was relatively small
.
Therefore, despite the flood of good copper in the market, the quotation is still maintained at 110 liters - 120 yuan / ton
of liters.
Traders are actively speculating and inquiring, while downstream logistics standards are strictly controlled, making it difficult to find transport vehicles and increasing transportation costs
.
Before the National Day
, the copper market may maintain a firm state.
Industry: China's refined copper imports in August were 232066 tons, down 11.
66% year-on-year, and the cumulative import of refined copper from January to August was 2.
56 million tons, still climbing 16.
33%
year-on-year.
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.
Overnight, the main Shanghai copper contract oscillation continued to rise to 37780 yuan / ton, the Fed kept interest rates unchanged as scheduled, causing the US dollar index to fall further to around 95.
3, greatly boosting copper prices, but London copper holdings were significantly reduced, indicating that copper market sentiment is still not
confident.
From a fundamental point of view, copper prices are still in a balanced market, the rebound of copper prices in recent days is mainly the realization of the previous logic, that is, domestic and foreign suppliers self-balancing and the seasonal increase in China's downstream demand, but this logic is limited after all, the current copper price has recovered most of the previous decline, so it will be difficult to continue to rise
.
