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Copper market review, the last trading day Shanghai copper main Cu1811 opened 49290, closed 49640, the highest 49730, the lowest 49210, the position decreased by 08500 lots, the trading volume increased by 24,300 lots
.
Volatile overnight, closing down 0.
54%.
LME 3-month copper closed down 0.
07% and COMEX copper workhorse closed down 0.
37%.
Fundamental news, in the last trading day, the average price of electrolytic copper in Shanghai Nonferrous Metal Network 1# was 50010, up 1200, spot premium 310, premium expanded by 55
.
LME copper stocks increased by 3,450 tonnes in the previous trading day, SHFE copper stocks were unchanged from the previous day, and the overall inventory did not change much, with limited
impact on copper prices.
On the macro front, British Prime Minister Theresa May rejected the EU chief Brexit negotiator Barnier's improved Brexit proposal on the Irish border issue, the pound fell sharply against the dollar, briefly losing the 1.
31 mark; the United States is ready to advance the US-Mexico agreement without Canada's participation; international crude oil futures prices closed higher, EIA crude oil inventories fell for five consecutive weeks, US sanctions on Iran took effect from November, and the market was worried about global crude oil supply
.
In terms of industry, the WBMS report shows that the global copper market was oversupplied by 17,100 tons from January to July 2018, and 132,600 tons in excess throughout 2017, and reported an increase in inventory from January to July, climbing 84,000 tons from the end of December last year, and global mine copper production from January to July was 11.
87 million tons, an increase of 2.
4%
over the same period in 2017.
On the whole, this rebound caused by spot premium is menacing, and with the stocking before the double festival, the willingness to raise prices is obvious, the copper price below the support is strong, but still need to be wary of the rebound of the US dollar index, today's Shanghai copper or shock adjustment, range: 48800-50000
.
