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LME copper fell back on Friday, and as of 15:10 Beijing time, the three-month London copper was reported at $5824.
5 / ton, down 0.
27%
on the day.
The main 1911 contract of Shanghai copper opened high, with a maximum of 47,780 yuan / ton, a minimum of 47,330 yuan / ton, and a closing price of 47,450 yuan / ton, up 0.
98% from the closing price of the previous trading day; The trading volume was 172,500 lots, a daily decrease of 7,936 lots, and the position was 203,700 lots, a daily decrease of 7,488 lots
.
The basis was reduced to 100 yuan/ton; The price difference of Shanghai copper in 1910-1911 remained at -20 yuan / ton
.
Market focus: The US ADP employment increased by 195,000 in August, the highest increase since April this year, and the third consecutive month of month-on-month growth; the US ISM non-manufacturing PMI rose to 56.
4 in August, 54 expected, 53.
7
previously.
At 20:30 Beijing time on Friday, the United States will release the August non-farm payrolls report
.
Australian company Orion Minerals can continue to develop the R4 billion copper-zinc project in the Northern Cape province of South Africa, with an initial 24-year concession that can be extended
upon application.
Spot analysis: On September 6, the spot 1# electrolytic copper quotation was 47500-47600 yuan / ton, the average price was 47550 yuan / ton, and the daily increase was 400 yuan / ton
.
Holders maintain the willingness to rise water, the willingness of the market to receive goods at a high price is suppressed, the overall transaction activity has decreased compared with the previous day, some holders in order to make a profit for safety, active shipments, copper continued to rise sharply to suppress consumption, trade activity also decreased accordingly, but the market circulation is still limited, supply and demand sides show a deadlock pattern, high premium pattern is temporarily difficult to break
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 68,814 tons on Friday, an increase of 125 tons per day; On September 5, LME copper stocks were 318675 tons, down 4,875 tons
per day.
In the week ended September 6, copper cathode stocks on the Shanghai Futures Exchange were 162059 tons, a weekly increase of 18,183 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract were 72438 lots, minus 2145 lots per day, short positions were 70832 lots, daily minus 3677 lots, net long positions were 1606 lots, daily increase of 1532 lots, long and short were reduced, net long increased
.
On September 6, the main force of Shanghai copper opened high in 1911.
The U.
S.
and China agreed to hold consultations in early October, while China was making solemn negotiations to lift further tariffs, boosting copper prices, while downstream demand improved in the run-up season, copper inventories declined, and copper prices were
supported.
In terms of spot, holders maintained their willingness to rise to the top, the willingness of the market to receive goods at a high price was suppressed, some holders actively shipped in order to make a profit at high prices, copper continued to rise sharply to suppress consumption, and trade activity was correspondingly reduced, but the market circulation was still limited
.
Technically, the daily MACD red column of the Shanghai copper main 1911 contract is growing, and short-term volatility is expected to be strong
.
