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On Wednesday, the Shanghai copper 1701 contract opened at 39040 yuan / ton, and the short-term rose to 39080 yuan / ton after the opening, and then dragged down by the bearish atmosphere, the bulls continued to flow out, the Shanghai copper shock downward, consolidated around 38610 yuan / ton in the afternoon, repeatedly tested the support of the upper Bollinger band, intraday low to 38540 yuan / ton, and closed at 38580 yuan / ton at the long black line
.
Shanghai copper bulls continued to flow out during the day, copper prices high pullback closed out of the long upper shadow, there is support at the upper band of Bollinger Road, Shanghai aluminum fell to the limit caused the metal general fall, it is expected to continue the trend of pullback, and then test the support
of the upper band of Bollinger Road.
In terms of external trading, London copper opened at 4915 US dollars / ton, the central price of RMB during the Asian session was raised, offshore RMB rose to around 6.
77, the central bank's open market net withdrawal of 35 billion yuan, the market atmosphere was empty, the two markets opened low, the futures market coking coal coke and other general decline, the market atmosphere was empty, London copper fell from the highest point of 4918 US dollars / ton after the opening, all the way to 4867 US dollars / ton, the European session announced that LME copper inventory decreased by 475 tons, and the proportion of written warehouse receipts rose to 45.
76%, Bulls were encouraged to increase their positions, London copper recovered to around $4893 / ton, around $4900 again encountered resistance, turned around and pulled down, as of 17:35, London copper reported 4877 US dollars / ton
.
On the macro front, the latest release of the US ISM manufacturing index for October was 51.
9, better than the expected reading of 51.
7, indicating that the overall recovery of the US economy is still good
.
Although the dollar index has recently retreated from its highs, expectations for the Fed's December rate hike remain as high as 68%, which is still potentially bearish
for copper prices.
In the market, Shanghai copper fell at a high level, and copper premium opened high and firm
.
Although the downstream did not change its wait-and-see mentality, the speculative enthusiasm of middlemen was revived, but the transaction was still light, mainly due to the deadlock between supply and demand due to the strong quotations of cargo holders
.
Open a good copper report premium 160-liter 170 yuan / ton
.
Due to the inactive transaction, some holders tried to reduce the price of shipments, but the good copper with a premium of 160 yuan / ton was quickly digested
.
Speculative attention turned to cost-effective flat water copper for long-term delivery demand
later.
Due to the small number of downstream shipments of wet copper, the room for premium upside is limited
.
If the market continues to pull back in the future, holders are expected to accelerate the pace
of water premium.
In the afternoon session, Shanghai copper relied on the upper rail consolidation of Bollinger Road, holders were firm in quotation, speculators were active in inquiry, creating a rising atmosphere, the premium was the same as in the morning session, and the transaction price fell slightly to 38750 yuan / ton -38850 yuan / ton, the transaction was weaker, and the overall supply and demand stalemate
.
At present, after the recent rebound, copper prices are now close to the year's volatility range resistance line of $4950, focusing on the performance
of copper prices near the secondary resistance level.
