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Today's Shanghai copper main contract 1611 contract oscillation declined, closing at 36570 yuan / ton, down 0.
49% from yesterday's closing price, for the tenth consecutive day in a low level of volatility, is currently barely 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 narrowed to 10 yuan / ton
.
In terms of external trading: today's Asian Lun copper rushed back down, of which 3-month London copper fell 0.
13% to 4645 US dollars / ton, the current London copper is still running in the past two weeks of shock finishing platform, the technical support below focus on 4600 US dollars / ton
.
In terms of positions, on September 6, the position of London copper was 331,000 lots, a decrease of 1,015 lots from the 5th, 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: China's copper concentrate and mineral sands imports in August were 1.
45 million tons, an increase of 5% month-on-month and 25.
88% year-on-year, while the cumulative imports of copper concentrate and ores from January to August were about 10.
86 million tons, an increase of 33.
69% year-on-year, an increase of 18 consecutive months, which will stimulate the further expansion
of refined copper production.
Market: On September 8, Shanghai electrolytic copper spot reported a premium of 50-90 yuan / ton, and the transaction price of flat water copper was 36670-36750 yuan / ton
.
Due to the low quotation of wet copper, although the supply of imported flat water copper and good copper is large, the quotation is firm, and the transaction is concentrated among traders, and the activity shows first strong and then weak
.
Near noon, good copper quotations rose to 100 yuan / ton, but the market performance was hesitant, and there was no market
.
After the G20 meeting, and approaching the Mid-Autumn Festival holiday, although the downstream has gradually entered the market, but has not yet seen large-scale buying, so holders continue to expect downstream stocks, which in turn makes the premium firm
.
Today's Shanghai copper 1611 contract oscillation fell to 36570 yuan / ton, indicating that the upper selling pressure is still heavy, as China's copper imports in August continued to decline
month-on-month.
However, the short-term weakening of the US dollar index partially offset the pressure on copper prices caused by the rise in copper inventories, which made the trend of copper prices volatile, and it is recommended that the Shanghai copper operation can be turned from short to oscillating, and the 1611 contract can be sold high and low between 36500-37200 yuan / ton, and the stop loss is 400 yuan / ton
each.
