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Today's Shanghai copper main contract 1610 contract around 36300 yuan / ton oscillation sorting, the end fell to 36270 yuan / ton, its M200 support level is 36430 yuan / ton, technical support failure, but its technical form is slightly stronger than London copper
.
In terms of external trading, today's Asian market London copper narrow fluctuations, trading is extremely light, of which 3 months London copper slightly rose 0.
2% to 4618 US dollars / ton, the current London copper effectively run below the moving average group, short-term decline risk remains
.
Macro: The Asian dollar index extended its rebound and is now trading around 96.
1, marking the fourth consecutive day of gains, increasing the pressure
on base metals.
With the focus on China's August manufacturing PMI on Thursday and the US non-farm payrolls for August on Friday, the US labor market is expected to continue to improve, raising expectations
for a rate hike in September.
Information: As of August 31, London copper stocks reported 293525 tons, up 10,300 tons from yesterday, maintaining a sharp increase for seven consecutive days, and the stock level hit a new high since October 19 last year, which put pressure on copper supply in the copper market
.
Market: On August 31, Shanghai electrolytic copper spot reported a premium of 30-70 yuan / ton, and a flat water copper transaction price of 36310-36380 yuan / ton
.
The basis difference of copper in the Shanghai period in the next month is almost nothing, and now copper rises on the water
.
Speculative buying passive compression, and downstream continues to choose to wait and see
.
As imports of wet copper continued to be low, some traders turned to purchasing flat water copper to pay long orders, which raised the flat water copper premium and supported the good copper premium
.
At the end of the month, the willingness of holders to cash out is not as strong as usual, and tomorrow into September, the transaction may gradually pick up, and the premium or the start of the firm market before delivery
.
Today's Shanghai copper 1610 contract oscillated to 36270 yuan / ton, with 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 copper has fallen below the 37,000 yuan / ton integer mark and the key technical support of M60 and M200, and the US dollar index has risen strongly, the risk of copper price decline has increased
.
It is recommended that the Shanghai copper 1610 contract can be cautiously short below 36700 yuan, with a target of 35800 yuan
.
