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Last Friday, LME copper fluctuated and operated, as of 15:00 Beijing time, the 3-month London copper was reported at $5774 / ton, down 0.
11%
on the day.
The main 1912 contract of Shanghai copper rushed back to the high, with the highest 47070 yuan / ton and the lowest 46700 yuan / ton during the day, and the closing price was 46910 yuan / ton, up 0.
45% from the closing price of the previous trading day; The trading volume was 137,100 lots, an increase of 47,812 lots per day, and the position was 211,700 lots, an increase of 940 lots
per day.
The basis was expanded to 150 yuan/ton; The price spread of Shanghai copper in 1911-1912 narrowed to -40 yuan / ton
.
Market focus: U.
S.
President Donald Trump said on Thursday that he would meet
with Chinese Vice Premier Liu He on Friday.
Trump also said negotiations between China and the United States are going "very well.
"
Irish Prime Minister Varadkar and British Prime Minister Boris Johnson agreed that a Brexit deal
is possible.
Spot analysis: On October 11, the spot 1# electrolytic copper quotation was 47020-47100 yuan / ton, the average price was 47060 yuan / ton, and the daily increase was 325 yuan / ton
.
The market rarely has the initiative to buy, fear of heights is gradually rising, holders have no choice but to open the downward mode, although there have been some transactions, but the overall market atmosphere is not as good as last day, holders continue to take the initiative to reduce prices to seek transactions
.
In the second trading stage, in the environment of difficult to exchange for cash, the willingness of holders to realize has been further strengthened, the premium quotation has been reduced, and the short-term downstream performance will be cautiously wait-and-see
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 58,143 tons last Friday, a daily decrease of 2,404 tons; On October 10, LME copper stocks stood at 285,600 tonnes, up 2,475 tonnes
per day.
In the week ended October 11, the stock of copper cathode on the Shanghai Futures Exchange was 134509 tons, an increase of 17,054 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract are 65446 lots, an increase of 200 lots per day, short positions are 81812 lots, a daily increase of 2459 lots, net short positions are 16366 lots, a daily increase of 2259 lots, more short increases, net space increases
.
Market research and judgment: On October 11, the main force of Shanghai copper 1912 rushed back to the
high.
Brexit sent optimistic signals, the pound soared, coupled with the US economic data performance was less than expected, the Fed interest rate cut expectations rose, the dollar was frustrated, coupled with the Sino-US trade negotiations released positive signals, and upstream copper mine supply disturbance again, good for copper prices to recover, and the current downstream demand performance is not good, copper stocks after the holiday significantly rebounded, putting pressure
on copper prices.
In terms of spot, the market has little initiative to buy, fear of heights is gradually rising, holders have no choice but to open the downward mode, although there have been some transactions, but the overall market atmosphere is not as good as the previous day, short-term downstream performance will be cautious wait-and-see
.
Technically, the trading volume of the main 1912 contract of Shanghai copper has increased significantly, and the daily KDJ low golden cross is expected to be strong
in the short term.
