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On Wednesday, base metals continued to diverge, of which the Shanghai nickel 1811 contract oscillation closed up 0.
94%, leading the base metals, while the Shanghai copper 1810 contract oscillation rose slightly to 48830 yuan / ton, up 0.
41% per day, but showed a surge back down during the day, indicating that the short-term rebound was blocked, and the current Shanghai copper is still running at the intersection of the main moving average, and the long and short trading is cautious
.
In the external market, as of 15:56 Beijing time, the 3-month London copper was reported at 6088 US dollars / ton, down 0.
72% on the day, and the upper rebound resistance focused on 6300 US dollars / ton
.
In terms of spot, on August 29, Shanghai electrolytic copper spot for the current month contract reported a premium of 90-140 yuan / ton, flat water copper transaction price of 49000-49120 yuan / ton, traders continue to raise the premium water is strong, about ten o'clock has been difficult to find a source of flat water copper below 100 yuan, wet copper pushed up to a full premium, the quotation from flat water - 10 yuan / ton to 30-40 yuan / ton, low-price wet copper favored
downstream 。 After eleven o'clock, the plate fully stood at 49,000 yuan / ton, the high premium water made the market transaction suppressed, fear of heights gradually rose, the rise of the water adjustment was blocked, some holders for the high cash, took the initiative to lower the quotation, the premium returned to the morning market quotation, flat water copper premium about 90 yuan / ton, good copper premium 110-120 yuan / ton
.
The future market premium performance will still be affected by the ratio, pay attention to the change of the Shanghai ratio and the guidance of the change in the profit of imported copper
.
On the news front, the Asian dollar index rebounded and is now trading around 94.
86 as the US consumer confidence index rose to a new high
since October 2000 in August.
But the market is still weighed down by concerns about U.
S.
-China trade talks, as U.
S.
President Donald Trump's deadline for public comment on tariffs on $200 billion of Chinese goods is September 5, and the new tariffs could be implemented
later that month.
In terms of industry, it is reported that Indonesia will extend the validity of the free port special mining license for another month to September
.
Overall, intraday copper oscillations rose slightly, showing that they were ranked in the middle of the base metals, indicating that their intrinsic upward momentum was insufficient, as the market still expressed concern
about the Sino-US trade war.
However, a weaker dollar in the short term is good for a rebound
in copper prices.
Operationally, it is recommended that the Shanghai copper 1810 contract is backed by 49,300 yuan at a high altitude, and the entry reference is around 48,900 yuan, and the target is 48,200 yuan / ton
.
