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On Tuesday, base metals were mixed, indicating weakness in copper prices and an increase
in short positions.
Among them, Shanghai copper was weak and volatile, CU1901 contract trading range of 49480-49900 yuan / ton, the end of the day closed at 49660 yuan / ton, down 0.
68%
on the day.
In the external market, as of 15:48 Beijing time, the three-month London copper was reported at 6182.
5 US dollars / ton, up 0.
01% on the day, and its upper pressure level focused on 6250 US dollars / ton
.
In terms of the market, Shanghai copper fell slightly, fluctuating along the line of 49,600 yuan / ton, and the price difference remained at 70-80 yuan / ton
in the next month.
The decline in the market attracts some downstream to enter the market to replenish, the morning holder quotation quotation discount 10 yuan / ton - premium 20 yuan / ton, market inquiry is positive, there is still room for price pressure, attract some traders into the market to receive, can be pressed to discount 20-10 yuan / ton to close flat water copper, close copper
near flat water.
But into the second section of the trading stage, after the low-priced source was bought, the quotation rose rapidly, flat water copper has been difficult to find a discount source, quotation flat water - premium 30 yuan / ton, good copper can even rise to the premium 40 yuan / ton nearby, downstream gradually replenished, wet copper with quotation discount 130 - discount 90 yuan / ton, the transaction is not as good as the morning market
.
After the copper price recovered, the market bought the dip slightly, the enthusiasm for trade trading warmed up, and the transaction volume improved significantly compared with the previous day
.
On the news front, the Asian dollar index was broadly volatile and is now trading around 96.
371 as investors are anxious about the midterm U.
S.
congressional elections, which could have a significant impact on the market, which increased the
market's wait-and-see sentiment.
Industry-wise, Amerigo produced a record 17.
6 million pounds of copper in the third quarter of 2018 as production efficiency at its MVC copper smelter improved
.
It is expected to total 65-70 million pounds
this year.
Intraday weakness in Shanghai copper was shaken as investors were anxious as the midterm U.
S.
congressional elections were approaching, and the outcome of the election could have a significant impact on the market, which increased the wait-and-see mood in the market
.
Copper prices in the spot market fell back, market bargain buying increased slightly, trade trading enthusiasm warmed up, and the transaction volume improved significantly compared with the previous day
.
Operationally, it is recommended that the CU1901 contract can consider selling high and low between 49,000-50,000 yuan / ton, and the stop loss is 300 yuan / ton
each.
