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LME copper fluctuated downward on Monday, and as of 15:00 Beijing time, the 3-month London copper was reported at $5,752 / ton, down 0.
05%
on the day.
The main 1911 contract of Shanghai copper fluctuated and fell, with the highest 47180 yuan / ton and the lowest 46850 yuan / ton during the day, and the closing price of 46870 yuan / ton, down 0.
55% from the closing price of the previous trading day; The trading volume was 112,900 lots, an increase of 26,988 lots per day, and the position was 217,300 lots, a daily decrease of 6,964 lots
.
The basis was expanded to 455 yuan/ton; The price spread of Shanghai copper in 1911-1912 narrowed to -20 yuan / ton
.
Market focus: Although Iran has repeatedly denied that it was related to the attack, the United States still announced sanctions against three Iranian entities, including the Central Bank of Iran
, on the 20th.
At 21:00 Beijing time on Monday, ECB President Mario Draghi will testify before the European Parliament
.
China imported 100,000 tonnes of copper scrap in August, down 23.
1% from 130,000 tonnes in July and the lowest since March, down 54.
4%
year-on-year.
Copper scrap imports from January to August were 1.
08 million tons, down 31.
5%
from the same period last year.
Spot analysis, on September 23, spot 1# electrolytic copper quotation 47280-47370 yuan / ton, the average price of 47325 yuan / ton, down 70 yuan / ton
daily.
Morning market holders still have the willingness to hold prices, but the supply is abundant, consumption is not strong, the willingness of holders to exchange cash is strengthened, in the absence of market transactions, traders quickly lower the quotation, intraday quotation cash exchange increased significantly, but the downstream to maintain just demand, the transaction is mostly to complete the long order delivery, the market buying interest is low, cautious mood gradually rising
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 55,147 tons, a daily decrease of 5,213 tons; On September 20, LME copper stocks were 287,150 tons, down 3,650 tons
per day.
As of the week ended September 20, the stock of copper cathode on the Shanghai Futures Exchange was 141379 tons, down 10,809 tons
per week.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract were 69746 lots, minus 889 lots per day, 77263 short positions, 3328 lots per day, 7517 net short positions, 2439 lots per day, long and short were reduced, and net space was reduced
.
On September 23, the main force of Shanghai copper 1911 fell in shock
.
The weakening of the euro boosted the rise of the US dollar, coupled with the intensification of tensions between the United States and Iran, the market risk aversion heated up, putting pressure on copper prices, while the upstream copper processing fee TC stopped falling and rebounded, and the performance of the terminal industry lacked bright spots, copper prices performed weakly, and the increase in downstream purchases before the holiday, copper inventories declined, forming some support
for copper prices.
In terms of spot, morning market holders still have the willingness to hold prices, but the supply is abundant, consumption is not strong, traders quickly lower the quotation, but the downstream remains rigid demand, the transaction is mostly to complete the delivery of long orders, the market buying interest is low
.
Technically, the daily MACD of the main 1911 contract of Shanghai copper has a dead cross, and the short-term volatility is expected to be weak
.
