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On Wednesday, the Shanghai copper 1610 contract opened higher than 36280 yuan / ton, after the opening due to the US index fell slightly, the short position closed the Shanghai copper to the highest level of the day 36390 yuan / ton, upward test the resistance
of the 5-day moving average.
With the recovery of the US dollar, the bulls took profits and closed their pockets, and the copper price fell back in shock, gaining support near the daily moving average, giving up almost all the gains, closing at 36270 yuan / ton at the doji.
In terms of external trading, London copper opened at 4620 US dollars / ton, the US index fell slightly during the Asian session, London copper Shun daily moving average oscillated higher, in the 5-day moving average around 4625 US dollars / ton to start a long and short battle, the Bank of Japan said that the central bank will unswervingly continue to maintain easing, the yen continued to fall against the dollar, pushing the dollar back to 96.
165, bulls on high shipments, copper prices under pressure to fall, low touch 4610 US dollars / ton, low to stimulate short liquidation outflow, London copper continued to rise to 4641 US dollars / ton, as of 17 :00, London copper reported $4635.
5/ton
.
In terms of the market, Shanghai copper is running at a low level below 36,500 yuan / ton, and the basis difference is almost absent in the next month.
Speculative buying passive compression, and downstream continues to choose to wait and see
.
As imports of wet copper continued to be low, some traders turned to purchasing flat water copper to pay long orders, which raised the flat water copper premium and supported the good copper premium
.
In the afternoon, the market continued to weaken, but the holders did not relax the premium, still maintained a premium of 30-70 yuan / ton, and the transaction price was at 36300-36380 yuan / ton, and the transaction was difficult to improve
.
At the end of the month, the willingness of holders to cash out is not as strong as usual, and tomorrow into September, the transaction may gradually pick up, and the premium or the start of the firm market before delivery
.
On the supply side, Chile's July copper production fell 1.
5% year-on-year to 447,600 mt, mainly due
to lower ore grades.
Chile's Chuquicamata open-pit mine, which is expected to produce a total of 285,000 tonnes
of copper this year, was suspended after a truck collision killed two people.
In addition, Freeport's El Abra copper mine in Chile suspended terminal work due to acid drainage terminal failure, which produced a total of 147,000
tons of copper last year.
On the whole, intraday Shanghai copper wide volatility, oscillation between the daily moving average and the 5-day moving average, long and short are mainly closed positions, it is difficult to have a big breakthrough in the short term, but it is difficult to have a solid support below, and it is expected to run at 36150-36400 yuan / ton
.
