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On Tuesday, the LME copper rushed back to the high, as of 15:05 Beijing time, the three-month London copper was reported at $5735.
5 / ton, up 0.
49%
per day.
The main 1912 contract of Shanghai copper opened low and continued to fall, with the highest 47,000 yuan / ton and the lowest 46,800 yuan / ton during the day, and the closing price of 46,820 yuan / ton, down 0.
97% from the closing price of the previous trading day; The trading volume was 64,600 lots, a daily decrease of 22,986 lots, and the position was 191,900 lots, an increase of 12,956 lots
per day.
The basis was expanded to 205 yuan/ton; The price spread of Shanghai copper in 1911-1912 narrowed to -50 yuan / ton
.
Market focus: At the invitation of the US side, Liu He will lead a delegation to visit Washington to hold a new round of high-level Sino-US economic and trade consultations
from 10 to 11.
Chilean national copper company Codelco has agreed to a spot copper premium of $98 per tonne for European buyers in 2020, unchanged from 2019 levels, and similarly seeks to maintain copper premium to Chinese buyers at $
88 per tonne.
Spot analysis: On October 8, spot 1# electrolytic copper was quoted at 56980-47070 yuan / ton, with an average price of 47025 yuan / ton, down 275 yuan / ton
daily.
At the beginning of the morning market, the holder tried to quote in the range of 150-190 yuan / ton of premium, but the degree of inflated height was high and could not be recognized by the market, so the spot premium showed a cliff-like fall, and the first day after the holiday Shanghai copper fell and did not usher in downstream concentrated replenishment, and the downstream was resistant to the high premium, and waited for the time being
.
Although middlemen are willing to replenish stocks, it is difficult to achieve
high premiums.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 48,825 tons on Tuesday, an increase of 6,027 tons per day; On October 7, LME copper stocks were 285,600 tons, down 2,825 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 63454 lots, with a daily increase of 4541 lots, short positions of 74208 lots, a daily increase of 3301 lots, a net short position of 10754 lots, a daily decrease of 1240 lots, both long and short increases, and net space decreases
.
On October 8, the main force of Shanghai copper 1912 opened low and continued to fall
.
The US ISM manufacturing PMI hit a decade low in September, and the euro area economic data was also weak, and the market risk sentiment was suppressed, which put copper prices under pressure overall, but the new round of Sino-US trade negotiations is approaching, and the market is still on the sidelines until then, superimposed on copper ore processing fees TC to remain low, indicating that the global copper mine supply is tight, and the downside of copper prices is limited
.
In terms of spot, at the beginning of the morning market, holders tried to quote a higher degree of inflated prices, spot premiums showed a cliff-like fall, downstream resistance to high premiums, and middlemen were willing to replenish goods, but the high premiums were difficult to satisfy
.
Technically, the main 1912 contract of Shanghai copper fell below the Bollinger mid-band support, and the daily MACD green column increment is expected to be short-term
volatility.
