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LME copper first fell and then rose on Friday, as of 15:00 Beijing time, 3-month London copper was reported at 5882.
5 US dollars / ton, down 0.
03%
on the day.
The main 1912 contract of Shanghai copper opened high and fell, with the highest 47570 yuan / ton, the lowest 47260 yuan / ton, and the closing price of 47390 yuan / ton, up 0.
06% from the closing price of the previous trading day; The trading volume was 177,900 lots, down 77,398 lots per day, and the position was 224,000 lots, down 3,340 lots
per day.
The basis was reduced to -165 yuan/ton; The price spread of Shanghai copper from 1912 to 2001 remained at -40 yuan / ton
.
Market focus, the European Central Bank announced that the three major interest rates were unchanged, and President Draghi continued to send dovish signals, saying that a highly accommodative policy exit needs to be maintained for a long time
.
The preliminary Markit manufacturing PMI in October actually released 51.
5, higher than the expected 50.
9 and the previous value of 51.
1
.
Philippine mining regulators have proposed to lift a three-year suspension of environmental permits for the Tampakan copper-gold project, which is expected to have 15 million
tonnes of copper reserves.
Spot analysis, on October 25, spot 1# electrolytic copper quotation 47190-47260 yuan / ton, the average price of 47225 yuan / ton, down 115 yuan / ton
daily.
Although the transaction is still weak, the holders are unwilling to discount shipments, although the copper price has been lowered, but it is still in a high position, and the market remains cautious; Traders are expecting a higher discount to receive goods, and low market buying is still the main reason for
the lower premium.
Warehouse receipt inventory, last Friday's Shanghai copper warehouse receipts totaled 61,198 tons, a daily decrease of 799 tons; On October 24, LME copper stocks were 265,250 tonnes, down 4,275 tonnes
per day.
In the week ended October 25, the stock of copper cathode on the Shanghai Futures Exchange was 143,010 tons, a weekly decrease of 9,489 tons
.
The main position, the top 20 long positions of the main 1912 contract of Shanghai copper are 65007 lots, a daily increase of 24 lots, short positions are 83160 lots, a daily decrease of 641 lots, a net short position of 18153 lots, a daily decrease of 665 lots, more increase and short, a decrease
in net space.
On October 25, the main force of Shanghai copper opened high in 1912 and fell
.
The president of the European Central Bank released a dovish signal, the US economic data exceeded expectations, the dollar rebounded, while the global economic pessimism continued, and the impact of the copper mine strike was gradually digested, copper prices above the resistance was greater, while Sino-US trade tensions eased, and terminal home appliance production increased year-on-year, demand improvement expectations strengthened, copper prices were partially supported
.
In terms of spot, the market is abundant, the willingness of holders to exchange cash has strengthened, although the transaction is still weak, but the holders are unwilling to discount shipments, although the copper price has been reduced, but it is still in a high position, the market remains cautious
.
Technically, the main 1912 contract of Shanghai copper long positions decreased, the daily MACD red column increment, is expected to be blocked
in the short term.
