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Today's Shanghai copper main contract 1610 contract oscillation slightly increased, closing at 36430 yuan / ton, slightly up 0.
16% from yesterday's closing price, its M200 support level is 36440 yuan / ton, its technical form is slightly stronger than London copper
.
In terms of term structure, the copper market showed a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1609 contract and the 1610 contract fell to zero, indicating that the forward contract is less willing to rebound
.
Externally: today's Asian market London copper oscillation rebound, of which 3 months London copper rose 0.
48% to 4649 US dollars / ton, the current London copper effectively fell below the support of M200, that is, 4718 US dollars / ton, now running below the moving average group, short-term decline risk is still large
.
In terms of positions, on August 24, the position of London copper was 338,000 lots, an increase of 2,988 hands from the 23rd, and after the copper price fell below 4,700 US dollars / ton in the past two days, London copper slightly increased its position, showing that the long and short divergence increased, and the operation tended to be cautious
.
Macro: Today's Asian dollar index oscillated slightly down, the overall is still running near this month's low, now trading around 94.
6, still running below the main moving average group, downside risks remain.
Watch for the revised US GDP for the second quarter tonight, which is expected to be revised
upward.
The market is now focused on China's August manufacturing PMI
next Thursday.
Market: Today's Shanghai electrolytic copper spot reported flat water - premium water 50 yuan / ton, flat water copper transaction price 36320-36420 yuan / ton, premium copper transaction price 36340-36440 yuan / ton
.
Copper has stabilized yesterday's premium level, the willingness of holders to exchange cash has increased compared with yesterday, the market supply is loose, the downstream market purchase volume has decreased significantly, and the supply and demand ends are deadlocked
.
The market for wet copper is still tight, and there are many people who want to buy prices, but unfortunately there are more monks and less porridge, the transaction is scarce, and the discount is constantly narrowing, and the price
of water copper is tightening.
Overall market trading was weak in August, and trade flows declined
.
The end of the month is approaching, and the influencing factors of the notes have not been further expanded
.
Today's Shanghai copper 1610 contract oscillation rose slightly to 36440 yuan / ton, as Shanghai copper continued to reduce positions, showing that long and short actively reduced positions and left the market, bulls have no confidence
in bargaining.
In view of the fact that the current copper has fallen below the 37,000 yuan / ton integer mark and the key technical support of M60, and China's refined copper imports in July fell sharply month-on-month, the risk of copper price decline has increased
.
It is recommended that the Shanghai copper 1610 contract can be cautiously short below 37,000 yuan, with a target of 35,800 yuan
.
