Shanghai copper shock sorting market trading remained cautious

In terms of external trading, London copper opened at 4761 US dollars / ton, the Asian session London copper long short-term liquidation, copper prices down to 4746 US dollars / ton, testing the support of the 40-day line, the main board of China's two cities opened high, short cover to promote copper prices to rise, after breaking the daily average in the consolidation around 4757 US dollars / ton, during the European session London copper fell back to near the daily moving average, and then the US index suddenly fell to 95.
597, copper prices were shocked to recover the 5-day moving average, the high touched 4784.
5 US dollars / ton, with the recovery of the US index, London copper fell under pressure at the 60-day moving average, and as of 16:40, London copper was reported at $4772 / ton
.

On the macro front, the weakening of the US dollar generally gives impetus to non-ferrous metals, but copper prices are weak relative to other non-ferrous metals, which is related to
the fundamentals of the copper market.
The Federal Reserve's September interest rate decision will be announced in the early hours of Thursday Beijing time, which is the focus
of the copper market at present.
Domestically, in response to the problem of "high fever" in the property market, People's Daily published an article saying that narrow investment channels and unscientific land supply methods were the main reasons, and the property market purchase restrictions could not solve the fundamental problem
.
The media under the central bank also expressed the view that local governments should take responsibility for property market regulation, and said that the state can strengthen the supervision
of local government regulation.
The problem of high housing prices has attracted more attention, and further real estate regulation and control policies can be expected
.

In terms of the market, copper rose slightly in Shanghai, and copper premium remained stable
.
The opening copper reported a premium of 120 yuan / ton, and the flat water copper reported a premium of 90 yuan / ton
.
After the delivery of 1609, some traders began to make long-term orders, preferring cost-effective flat water copper, so the holders of this part of the copper quotation firm, and incidentally took advantage of the high water premium to exchange good copper for cash, in order to alleviate the pressure
of imported copper supply in the future market.
The downstream continued to wait and see after the Mid-Autumn Festival, resulting in a decline in the premium of low-cost flat water copper and wet copper
.
Affected by the upgrade of the tax code in Zhejiang at the end of September, traders have recently appeared the next month's pass.

In the afternoon, copper prices fluctuated strongly, the spot premium remained 80-110 yuan / ton, the transaction price was at 37250-37320 yuan / ton, some holders of long orders to exchange cash intentions, downstream enthusiasm to take goods is not high to maintain wait-and-see
.

In terms of news, ICSG said that the global refined copper market was short of 83,000 tons in June and 69,000 tons
in May.
The market shortfall totaled 306,000 tonnes in the first six months of this year, compared with a shortfall of 54,000 tonnes
in the same period last year.
Global refined copper production in June was 1.
91 million mt and consumption was 2 million mt
.

Approaching the Fed's interest rate decision, the market remained cautious, and Shanghai copper holdings were running at a low of 443,000 lots
.
Above the copper market, the downstream is afraid of heights after the Mid-Autumn Festival, and the market has limited
upward sentiment.
The 60-day copper price line continues to come under pressure, waiting for the time being, waiting for the clarity of the results of the Fed meeting
.