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Today's Shanghai copper main contract 1611 contract oscillation strengthened, closing at 36750 yuan / ton, slightly up 0.
49% from yesterday's closing price, the first time in nine trading days, closed above the low shock finishing platform, and stabilized above M200, its technical form is slightly stronger than London copper
.
In terms of term structure, the copper market showed a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1610 contract and the 1611 contract was flat to 20 yuan / ton
.
Externally: Today's Asian Lun copper oscillation strengthened, of which the 3-month London copper rose 0.
58% to 4663 US dollars / ton, indicating that the short-term copper price decline willingness weakened, or choose to rise, its rebound resistance focus on 4780 US dollars / ton
.
In terms of positions, on September 5, the position of London copper was 332,000 lots, a decrease of 3,442 lots from the 2nd, basically reducing the increase in positions in the previous two days, indicating that the momentum of bulls to buy the dip is still obviously insufficient
.
Macro: Today's Asian dollar index rebounded weakly, with the oscillation slightly falling to around 94.
7, as the US ISM non-manufacturing index in August was 51.
4, far worse than expected and the previous reading, and hit a new low since February 2010, and bad data lowered expectations of the Federal
Reserve's September interest rate hike.
The market is currently focused on tomorrow's August import and export trade data
from China.
In terms of information: Ivan Arriagada, chief executive of Antofagasta, Chile, said its Antucoya copper mine achieved its highest capacity
of 7,000 tonnes per month in August.
In terms of market: on September 7, Shanghai electrolytic copper spot reported a premium of 50-80 yuan / ton, and the transaction price of flat water copper was 36570-36830 yuan / ton
.
Now the copper market quotation is stable and declining, the opening flat water copper reported a premium of 60-70 yuan / ton, the price difference is extremely small and the plate is stable, so that a small amount of downstream on-demand purchase, in preparation for the small holiday in mid-September, traders are actively inquiring to find low-priced sources
.
However, near the first quarter of the market break, the market suddenly rose by more than 200 yuan / ton, so that the current copper trading parties fell into the wait-and-see, and the holders were unwilling to drop the water shipment, so that the transaction continued to cool
.
Today's Shanghai copper 1611 contract oscillation rose slightly to 36750 yuan / ton, for the third consecutive day with the Shanghai copper sharp increase in position, showing that copper prices fell to 36500 yuan / ton around the long and short divergence, bulls began to actively intervene
.
A weaker short-term dollar index partially offset the pressure on copper prices due to rising copper inventories
.
It is recommended that the Shanghai copper operation can be changed from bias to oscillation, and the 1611 contract can be sold high and low between 36500-37200 yuan / ton, and the stop loss is 400 yuan / ton
each.
