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Overnight, the Shanghai copper 1611 contract opened low at 36600 yuan / ton, after the opening of the bears increased their positions sharply to suppress, copper prices fell to 36460 yuan / ton, and then the low stimulated long sentiment, after obtaining 10-day support, copper prices retraced back above the daily moving average, bears saw the opportunity to play another wave and then reduce positions, copper prices rebounded
.
Finally, Shanghai copper closed at 36560 yuan / ton, up 40 yuan / ton
.
Overnight Shanghai copper twice tested the low and rebounded, the lower support is effective, downstream processing enterprise consumption in August is still stable, peak season is expected to be under the strong shock, it is expected that today's Shanghai copper in 36450 yuan / ton to 36750 yuan / ton oscillation
.
Market: On September 6, Shanghai electrolytic copper spot reported a premium of 50-90 yuan / ton, and the transaction price of flat water copper was 36550-36600 yuan / ton
.
The opening good copper reported a premium of 90 yuan / ton, and the flat water copper reported a premium of 60 yuan / ton, but the transaction was weak
.
As import losses further narrowed, some imported copper flowed into the market, and holders wanted to take advantage of the high water and give priority to exchanging a large amount of good copper holdings
.
Downstream pick-ups continue to be blocked, waiting for suitable low-priced entry points
.
Intraday market transactions improved slightly after the price reduction, and after the low-priced supply was digested, the holder deliberately controlled the pace of release in order to slowly reduce the premium
.
Inventories: As of September 2, the previous Shanghai copper inventory reported 152404 tons, down 13,399 tons from last Friday, and far below the average inventory value of 256613 tons during the year, hitting a low since September 18 last year, indicating that the pressure on domestic inventories has weakened
relative to foreign countries.
Overnight, the main Shanghai copper contract oscillation stabilized to 36560 yuan / ton, as short-term copper inventories rose sharply, still put copper prices under obvious pressure, but overnight the US dollar index came under heavy pressure, so that copper prices fell limited, short-term copper market maintained an oscillating trend
.
It is recommended that the Shanghai copper 1611 contract can be sold high and low between 36300-37000 yuan, and the stop loss is 350 yuan / ton
each.
