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LME copper fell on Tuesday, and as of 15:25 Beijing time, the three-month London copper was at $5,751 / ton, down 0.
31%
on the day.
Shanghai copper main 1910 contract shock adjustment, the highest intraday 46780 yuan / ton, the lowest 46530 yuan / ton, the closing price of 46620 yuan / ton, up 0.
02% from the previous trading day's closing price; The trading volume was 92,600 lots, a daily decrease of 16,660 lots, and the position was 237,400 lots, a daily decrease of 7,092 lots
.
The basis expanded to -125 yuan/ton; The price difference between Shanghai copper in 1909 and 1910 widened to -50 yuan / ton
.
Market focus: U.
S.
Commerce Secretary Wilbur Ross announced Monday that the department will extend Huawei's "temporary license" to buy U.
S.
-made products for another 90 days, with a deadline of about November 19
.
US President Donald Trump again urged the Fed to cut interest rates, calling for a reduction of at least 100 basis points in the short term, and for the first time asking the Fed to restart monetary easing QE
.
Ivanhoe Mines mined 18 percent of the copper in the northern bonanza of the Kamoa-Kakula copper mine, the highest grade copper ever
.
Spot analysis: On August 20, spot 1# electrolytic copper was quoted at 46610-46700 yuan / ton, with an average price of 46655 yuan / ton, up 175 yuan / ton
from the previous trading day.
In the morning market, the holder quoted a premium of 60-80 yuan / ton, and traders intended to receive goods at a low price, but it was difficult to have room for price reduction, and the downstream maintained rigid demand
.
Traders are willing to hold prices, but the supply is sufficient, the market stops and waits, the quotations of holders are stable, and the spot quotations continue to stalemate the pattern
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 75,683 tons on Tuesday, a daily decrease of 723 tons; On August 19, LME copper stocks were 330125 tonnes, down 1,850 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 71108 lots, minus 1593 lots per day, short positions are 87430 lots, daily minus 4210 lots, net short positions are 16322 lots, daily minus 2617 lots, long and short are reduced, and net space is reduced
.
On August 20, the main force of Shanghai copper 1910 shock adjustment
.
Copper prices were positive for copper prices due to easing trade tensions between China and the United States and increasing risk sentiment, although the increase in midstream copper inventories and continued weakness in terminal demand put some pressure
on copper prices.
In terms of spot, morning market holders quoted a premium of 60-80 yuan / ton, traders intend to receive goods at a low price, but it is difficult to have room for price reduction, and the downstream maintains rigid demand
.
Technically, the main 1910 contract of Shanghai copper focuses on the pressure above the 47300 position, and it is expected that the short-term shock is bearish
.
Operationally, it is recommended that the Shanghai copper 1910 contract can be short around 46700 yuan / ton, and the stop loss is 47300 yuan / ton
.
