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LME copper fluctuated higher on Thursday, and as of 15:05 Beijing time, the three-month London copper was at $5,772 / ton, down 0.
28%
on the day.
The main 1911 contract of Shanghai copper rushed back to the high, with a maximum of 47320 yuan / ton, a minimum of 46940 yuan / ton, and a closing price of 47120 yuan / ton, up 0.
26% from the closing price of the previous trading day; The trading volume was 119,000 lots, an increase of 10,340 lots per day, and the position was 201,400 lots, a decrease of 7,610 lots
per day.
Market focus: US new home sales in August annualized 7.
1%, higher than -12.
8% in the previous month and 2.
8%
expected.
Fears of a no-deal Brexit have reheated amid renewed market fears that the prime minister's reaffirmation of his determination to delay Brexit on October 31 and his determination to take LinkedIn countries out of the EU on October
31, a spokesman for the British prime minister said on Wednesday.
Spot analysis: On September 26, spot 1# electrolytic copper was quoted at 47180-47280 yuan / ton, with an average price of 47230 yuan / ton, down 10 yuan / ton
per day.
Holders seized the last remaining trading opportunities desperately to exchange cash, but demand has been silent, the overall market quotation showed a dumping decline, the second trading stage, the market is still cautious wait-and-see, the downstream has been sporadic replenishment, traders have no intention of receiving goods for the holiday, the market is completely shrouded
by the eager dumping mood of shipment exchangers.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 41,121 tons on Thursday, a daily decrease of 3,656 tons; On 25 September, LME copper stocks were 276825 tonnes, down 3,325 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract are 67195 lots, minus 1484 lots per day, short positions are 73548 lots, daily minus 642 lots, net short positions are 6353 lots, daily increase is 842 lots, more increase and short, net space increases
.
On September 26, the main force of Shanghai copper 1911 rushed back to the
high.
Fears of a no-deal Brexit put pressure on the pound, coupled with strong US economic data, the continued strength of the US dollar, putting pressure on copper prices, while downstream demand continued weakness, and Sino-US trade uncertainty, are the main reasons for the lack of upward momentum in copper prices, the recent decline in copper inventories due to pre-holiday stocks, coupled with the market's expectation of a decline in scrap copper imports, copper prices have been supported
.
In terms of spot, holders seized the last remaining trading opportunity to desperately exchange cash, but demand has been silent, the second trading stage, the market is still cautious and wait-and-see, the downstream has been sporadic replenishment, traders have no intention of receiving goods for the holiday
.
Technically, the Shanghai copper main 1911 contract is longer and the upper shadow is expected to be weak.
