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LME copper shock adjustment on Tuesday, as of 15:00 Beijing time, 3-month London copper was reported at $5787 / ton, down 0.
11%
on the day.
The main 1911 contract of Shanghai copper rebounded at a low level, with a maximum of 47260 yuan / ton, a minimum of 46850 yuan / ton, and a closing price of 47120 yuan / ton, up 0.
53% from the closing price of the previous trading day; The trading volume was 111,600 lots, a daily decrease of 1,264 lots, and the position was 209,600 lots, a daily decrease of 7,680 lots
.
The basis was reduced to 205 yuan/ton; The price difference between Shanghai copper in 1911-1912 widened to 0 yuan / ton
.
Market focus: The Eurozone manufacturing PMI fell to 45.
6 in September from 47.
0 in the previous month, indicating a further deepening
of the Eurozone manufacturing contraction.
Trump addressed the United Nations General Assembly on Tuesday as heightened tensions between the United States and Iran sparked heightened risk aversion
.
According to a joint forecast by the National Passenger Vehicle Association and Wilson, the wholesale volume of the passenger car market in October is expected to be 2 million units, an increase of 23.
2%
compared with August.
Spot analysis: On September 24, spot 1# electrolytic copper was quoted at 47280-47370 yuan / ton, with an average price of 47325 yuan / ton, the same
as yesterday.
Spot morning still shows the characteristics of many goods to buy less interest, holders take the initiative to reduce prices in order to seek transactions, traders intend to receive goods at lower prices, downstream enterprises maintain rigid demand, spot market cautious risk aversion increased, traders before the holiday trading volume did not expand but gradually declined, the entire market trading within the day is general.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 50,033 tons on Tuesday, a daily decrease of 5,114 tons; On September 23, LME copper stocks were 283,550 tons, down 3,600 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract are 67500 lots, minus 2246 lots per day, short positions are 74580 lots, daily minus 2683 lots, net short positions are 7080 lots, daily minus 437 lots, long and short are reduced, net space is reduced
.
On September 24, the main force of Shanghai copper 1911 rebounded
at a low level.
The weakening of the euro boosted the rise of the US dollar, coupled with the intensification of tensions between the United States and Iran, the market risk aversion heated, putting pressure on copper prices, while upstream copper processing fees TC stopped falling and rebounded, copper prices performed weakly, but scrap copper imports showed a decline, and pre-holiday downstream purchases increased, copper inventories fell significantly, supporting copper prices
.
In terms of spot, spot goods still show the characteristics of insufficient buying interest in many goods in the morning, holders take the initiative to reduce prices in order to seek transactions, traders intend to receive goods at lower prices, downstream enterprises maintain rigid demand, and cautious risk aversion in the spot market has increased
.
Technically, there is support for the Shanghai copper main 1911 contract to close 46800, and the daily MACD green column has increased slightly, and the short-term shock is expected to be strong
.
