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On Thursday, the LME copper rebounded low, and as of 15:05 Beijing time, the three-month London copper was reported at $5,755 / ton, up 0.
07%
on a daily basis.
The main 1911 contract of Shanghai copper opened high and continued to rise, with the highest 47320 yuan / ton and the lowest 46700 yuan / ton during the day, and the closing price of 46990 yuan / ton, up 0.
77% from the closing price of the previous trading day; The trading volume was 180,400 lots, an increase of 46,658 lots per day; the position was 211,200 lots, a daily increase of 54 and minus 1,442 lots
.
Market Focus: The leaders of the high-level economic and trade consultations between the two sides agreed to hold the 13th round of high-level economic and trade consultations
in Washington in early October.
The British Parliament passed a bill to block a no-deal Brexit, and Johnson's early election motion was rejected
.
Chilean private copper producer Mantos has secured US$250 million to fund the expansion of its Mantos Blancos sulphide concentrate plant, which is expected to produce 4.
54 tonnes and 4.
23 tonnes of copper in 2019 and 2020, respectively, and an average of 5.
24 tonnes per
year for the first 10 years after the completion of the expansion in 2021.
Spot analysis: On September 5, spot 1# electrolytic copper was quoted at 46980-47320 yuan / ton, with an average price of 47150 yuan / ton, up 810 yuan / ton
from the previous trading day.
Holders are more willing to raise prices, quotations are high, market acceptance is slightly hesitant, intraday performance is rising, spot is actively traded under the guidance of traders, and downstream is afraid of high to maintain rigid demand
.
The market sentiment has warmed, coupled with the limited supply of circulating goods, the characteristics of the upward trend of the premium are obvious, and the September effect is gradually reflected
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 68,689 tons on Thursday, a daily decrease of 5,398 tons; On September 4, LME copper stocks were 323,550 tons, down 6,500 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 74583 lots, a daily increase of 322 lots, short positions are 74509 lots, a daily decrease of 475 lots, a net long position of 74 lots, a daily increase of 797 lots, more increase and short, and a net short increase
.
On September 5, the main force of Shanghai copper opened high in 1911 and continued to rise
.
The US and US high-level officials finalized the next consultation time, the market optimism warmed up, coupled with the rebound of the pound sterling and the Fed interest rate cut expectations heating up, put pressure on the US dollar, boosting copper prices, while downstream demand improved with the arrival of the peak season, copper inventories fell slightly, and copper price support strengthened
.
In terms of spot, the willingness of holders to raise prices is stronger, the quotation is high, the market acceptance is slightly hesitant, the intraday performance is rising, the spot is actively traded under the guidance of traders, and the downstream is afraid of high to maintain rigid demand
.
Technically, the daily MACD red column of the Shanghai copper main 1911 contract is growing, and short-term volatility is expected to be strong
.
