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Today's Shanghai copper main contract 1612 contract fell under pressure, closing down to 37370 yuan / ton, down 0.
69% from yesterday's closing price, as China's September export data was far worse than expected and China's copper import demand fell
further.
At present, Shanghai copper has fallen below M60, and the risk of decline has increased
.
In terms of term structure, the copper market turned to a negative arrangement of near high and far low, and the negative spread between Shanghai copper 1611 contract and 1612 contract remained at 40 yuan / ton
.
Externally: Asian Lun copper oscillated and rebounded, but the increase was limited, of which the 3-month London copper edged up 0.
06% to 4718 US dollars / ton, down 2.
8% from this week's high of 4860 US dollars / ton, its technical form is weaker than Shanghai copper, and the support below is 4700 US dollars / ton
.
In terms of positions, on October 12, the position of London copper was 322,000 lots, a daily decrease of 475 lots, indicating that short-term long-short trading is still repeated, and the sentiment of the copper market is sluggish
.
Macro: The Asian dollar index oscillated higher to around 97.
8, while U.
S.
crude futures rebounded 1.
13%.
In addition, China's September CPI rose 1.
9% year-on-year, while PPI rose 0.
1% year-on-year, ending a 54-month streak of year-on-year decline, and deflationary fears eased
significantly.
In terms of industry, SMM electrolytic copper production in September was 650,000 tons, up 0.
78% month-on-month and 3.
17% year-on-year, and the cumulative output in the first September was 5.
766 million tons, a cumulative increase of 5.
74%
year-on-year.
9 Production decreased from the expected 662,000 tons in the previous period, mainly due to the continued impact
of Dongying Fangyuan and Fuye Group maintenance.
In terms of market: on October 14, Shanghai electrolytic copper spot traded at 60 yuan / ton - 120 yuan / ton for the monthly contract, and the transaction price of flat water copper was 37550-37600 yuan / ton
.
Near the month change, the basis of the next month is inverted, the current copper premium continues to narrow, the supply brands are diversified, the quotation of good copper is mostly maintained near the delivery level, speculators are mainly wait-and-see, a small number of markets are entered in the morning to absorb low-priced goods, downstream bargains enter the market, the transaction is slightly warmer than yesterday, still in a state of rigid demand, the market is waiting for the operation after the month
.
The Shanghai copper 1612 contract opened low during the day, closing down to 37370 yuan / ton, mainly suppressed by China's short trade data and the strong rise of the US dollar index, the current copper technical form turned weak, short-term operation needs to be cautious
.
It is suggested that the Shanghai copper 1612 contract can be backed by 37800 yuan below the sky, the entry reference is 37500 yuan, and the target is 36800 yuan
.
