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Today's Shanghai copper main contract 1610 contract under pressure decline, and the decline significantly expanded, the end of the close fell to 36650 yuan / ton, down 1.
27% from yesterday's closing price, the support level of M200 below is 36459 yuan / ton, the current support is barely effective, the 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 1609 contract and the 1610 contract narrowed slightly to 10 yuan / ton, indicating that the willingness of forward contracts to pull back expanded
.
Externally: Today's Asian Lun copper extended its decline, touching $4685 / ton, hitting a new low in nearly two months, of which 3-month copper fell 0.
37% to $4788 / ton, further fell below the support of M200, that is, 4718 US dollars / ton, now running below the moving average group, short-term decline risk increased
.
In terms of positions, on August 22, the position of London copper was 334,000 lots, a decrease of 182 lots from the 19th, and the oscillation operation of London copper position reduction in the past week (a cumulative decrease of 25,000 lots) showed that long and short actively reduced positions and left the market, and the popularity of the copper market was very low
.
Macro: The Asian dollar index oscillated slightly today, now rising to around 94.
6, still running
at a relative low.
The preliminary manufacturing PMI of the euro area and the United States fell in August, respectively, at 51.
8 and 52.
1, increasing downward concerns about the global manufacturing industry and bearish base metals
.
Watch for U.
S
.
existing home sales data for July tonight.
In terms of information: China's refined copper imports in July were 251235 tons, down 17.
71% year-on-year, and the monthly import volume hit a new low since February last year, while China's cumulative copper imports from January to July were 2.
328 million tons, an increase of 20.
13% year-on-year, and the growth rate was 3.
62% lower than that from January to June, and the data showed that domestic copper import demand fell significantly in July
.
Market: On August 24, Shanghai electrolytic copper spot reported a discount of 50-liter water 10 yuan / ton, and the transaction price of flat water copper was 36650-36760 yuan / ton
.
The influx of downhill buying led to a rise
in copper premiums.
Holders continued to offer wet copper, giving downstream and speculative traders a priority to sourcing flat copper
.
Today's trading is more active, in addition to downstream dip buying, middleman speculative buying is also rising, and spot premiums are expected to rise
steadily.
Today's Shanghai copper 1610 contract fell under pressure to 36650 yuan / ton, accompanied by a sharp increase in Shanghai copper positions, showing that when the long-short divergence widened, the bears dominated
the advantage.
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, and the operation idea needs to be changed
.
It is recommended that the Shanghai copper 1610 contract can be backed by 37,300 yuan below the sky, and the entry reference is around 36,800 yuan, with a target of 36,000 yuan
.
