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As of 15:00 Beijing time, the three-month London copper was reported at $5862.
5 / ton, up 1.
43%
on a daily basis.
The main 1911 contract of Shanghai copper rebounded low, with a maximum of 47,500 yuan / ton, a minimum of 47,010 yuan / ton, and a closing price of 47,490 yuan / ton, up 0.
42% from the closing price of the previous trading day; The trading volume was 134,700 lots, an increase of 6,420 lots per day, and the position was 220,200 lots, an increase of 3,954 lots
per day.
Market focus: The United States will postpone the increase in tariffs on China from October 1 to October 15
.
China announced exemptions from the 25 percent tariff
imposed last year on a range of U.
S.
goods.
The ECB will announce its interest rate decision, followed by a press conference
by Draghi.
China's RMB loans increased by 1.
21 trillion yuan in August, a year-on-year increase of 66.
5 billion yuan; the increase in the scale of social financing in August was 1.
98 trillion yuan, 37.
6 billion yuan more than the same period last year.
Spot analysis: On September 12, the spot 1# electrolytic copper quotation was 47330-47450 yuan / ton, the average price was 47390 yuan / ton, a daily increase of 95 yuan / ton
.
On the last trading day before the Mid-Autumn Festival holiday, holders maintained their willingness to rise to water, but the overall trading activity declined, and the market buying on the last trading day was flat, and the downstream was just demanding.
The market supply and demand side continued to show a stalemate
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 60,278 tons on Thursday, a daily decrease of 3,376 tons; On 11 September, LME copper stocks were 305225 tonnes, down 5,225 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract are 74022 lots, with a daily increase of 324 lots, short positions are 78002 lots, a daily increase of 3122 lots, net short positions are 3980 lots, a daily increase of 2798 lots, long and short are increased, and net space increases
.
On September 12, the main force of Shanghai copper 1911 rebounded
low.
China and the United States have exchanged goodwill in trade, market optimism has warmed up, while upstream copper processing fees TC continued to be low, copper mine supply is tight, and midstream copper inventories show a downward trend, which significantly supports copper prices, but the year-on-year decline in automobile sales in August expanded, downstream demand performance remained weak, and copper prices were partially resisted
.
In terms of spot, holders maintained their willingness to rise to water, but the overall trading activity declined, the market buying was flat on the last trading day, and the downstream was just demanding, and traders were cautious to avoid risks during the festival
.
Technically, the daily MACD red column of the Shanghai copper main 1911 contract is growing, and short-term volatility is expected to be strong
.
