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LME copper fluctuated on Wednesday, and as of 15:05 Beijing time, the three-month London copper was at $5,826 / ton, up 0.
16%
on a daily basis.
The main 1911 contract of Shanghai copper opened low and rose, with the highest of 47440 yuan / ton and the lowest 47030 yuan / ton of the day, and the closing price of 47310 yuan / ton, down 0.
06%
from the closing price of the previous trading day.
Market focus: At 02:00 Beijing time on Thursday, the Fed's monetary policy decision will be ushered in, and the market generally expects a 25 basis point rate cut, and believes that Powell's press conference will be dovish
.
From January to August, national infrastructure investment increased by 4.
2% year-on-year, 0.
4 percentage points
faster than from January to July.
In August, the output of air conditioners, color TVs and refrigerators decreased by 2.
9%, 12.
8% and 5.
2% respectively year-on-year, and the output of washing machines increased by 4.
9%
year-on-year.
Spot analysis: On September 18, the spot 1# electrolytic copper quotation was 47440-47570 yuan / ton, and the average price was 47505 yuan / ton, unchanged from the previous day
.
Holders have a strong willingness to raise prices, traders are active in inquiry, around ten o'clock, under the leadership of some traders, buying increased, transaction activity increased significantly, but the high transaction slowed down
.
Some downstream pre-holiday replenishment enthusiasm slightly increased than before, there are still long orders before the National Day long holiday, the market still has the willingness to replenish, the overall market is facing various consumption expectations, and inventory increments are limited, traders take the lead in leading the receiving boom, this week's quotations are firm and difficult to change
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 67,495 tons on Wednesday, an increase of 3,430 tons per day; On 17 September, LME copper stocks were 299325 tonnes, down 2,600 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1911 contract are 70722 lots, minus 145 lots per day, short positions are 79669 lots, daily increase of 1699 lots, net short positions are 8947 lots, daily increase of 1844 lots, more short increases, net space increases
.
On September 18, the main force of Shanghai copper 1911 opened low and rose
.
The market has digested the Fed's 25 basis point interest rate cut, the weakening of the dollar still needs a stronger dovish signal, the positive for copper prices weakened, while China's infrastructure investment growth accelerated, downstream demand picked up slightly, copper inventories showed a downward trend, positive copper prices, the trend is generally strong
.
In terms of spot, holders have a strong willingness to raise prices, traders are active in inquiry, and the enthusiasm of some downstream pre-holiday replenishment during the day has slightly increased compared with before, the overall market is facing various consumption expectations, and the inventory increment is limited, and traders take the lead in leading the receiving boom
.
Technically, the daily MACD red column of the Shanghai copper main 1911 contract is shortened, focusing on the support at the 47000 position, and it is expected to rise slightly in the short term
.
