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Overnight, the Shanghai copper 1611 contract opened at 37820 yuan / ton, after the opening of the bulls quickly reduced their positions, copper prices fell to 37690 yuan / ton, and then supported by the dollar diving to a sharp rebound, increased positions to a maximum of 37900 yuan / ton, the end of the selling pressure fell heavier
.
In the end, Shanghai copper closed at 37840 yuan / ton, up 70 yuan / ton, and the warehouse decreased by 1428 lots
.
Overnight Shanghai copper probe low rebound, market control power is in the hands of bulls, integer off pressure is large, today is expected to fall into a stalemate, it is expected that today's Shanghai copper in 37650 yuan / ton to 37950 yuan / ton oscillation
.
Macro: The dollar index continued to fall on Friday, reflecting the impact of the Fed's interest rate hike, and the latest preliminary US Markit Manufacturing Index for September was significantly lower than the previous reading of 52 at 51.
4
.
In addition, the preliminary composite PMI of the euro area was 52.
6, the lowest level in 15 years, and its manufacturing industry rose but the preliminary PMI of the service sector fell sharply, reflecting that the economic recovery in the United States and Europe is still weak
.
In terms of market: on September 23, Shanghai electrolytic copper spot reported a premium of 90-120 yuan / ton, and the transaction price of flat water copper was 37750-37800 yuan / ton
.
Copper quotations remain firm, intraday trading is acceptable, and traders and downstream are involved
.
Traders trade profitably based on the basis of the next month around the opening $
100.
Downstream has successively participated in procurement, and the quotation of wet copper has increased slightly compared with previous days, reporting a premium of 40-60 yuan / ton
.
Before the National Day
, the copper market may maintain a firm state.
News: Data released by the World Bureau of Metal Statistics (WBMS) showed that the global copper market had a supply gap of 151,000 tons from January to July and 197,000 tons
from January to June.
Although the supply gap has narrowed
.
In terms of production, WBMS data showed that global copper mine production from January to July was 11.
7 million tons, an increase of 5.
9%
year-on-year.
Among them, Chile decreased by 4.
9% (or 167,000 tons) year-on-year from January to July, and Peru increased by 47.
74% (or 428,000 tons)
year-on-year.
The main Shanghai copper contract oscillation stabilized to 37,840 yuan / ton in the night market on Friday, as the US dollar index continued to fall under pressure and the market expected replenishment in the downstream before the eleventh day, which was conducive to copper prices higher
.
In terms of operation, it is recommended that the Shanghai copper 1611 contract can be cautiously long above 37,300 yuan, with a target of 38,300 yuan
.
