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LME copper fell on Tuesday, and as of 15:50 Beijing time, the three-month London copper was at $5,582 / ton, down 0.
62%
on the day.
Shanghai copper main 1910 contract shock adjustment, the highest intraday 46500 yuan / ton, the lowest 46310 yuan / ton, the closing price of 46370 yuan / ton, down 0.
58%
from the previous trading day's closing price.
Market focus: The British parliament will vote on Tuesday on a motion to block a no-deal Brexit, and if British Prime Minister Boris Johnson loses this crucial vote, then he will try to trigger an early general election
.
According to Wood Mackenzie's latest analysis, between 2018 and 2028, 650 million kilowatts of onshore wind capacity and 130 million kilowatts of offshore wind capacity will be added, which will consume more than 5.
5 mt of copper
.
Spot analysis: On September 3, spot 1# electrolytic copper was quoted at 46470-46530 yuan / ton, with an average price of 46500 yuan / ton, down 130 yuan / ton
from the previous trading day.
Copper fell slightly, although traders have the willingness to receive goods at a low price, but the price space is limited, the spot quotation performance is stable, good copper rises above 100 yuan / ton transaction is limited, flat water copper price is strong, brands are difficult to have a price difference, the willingness of holders to raise prices remains unchanged, intraday transactions are still led by traders, and the market is again showing the characteristics of
sawing.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 75,313 tons on Tuesday, a daily decrease of 596 tons; On September 2, LME copper stocks were 335,850 tons, down 1,825 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract were 62606 lots, an increase of 3070 lots per day, short positions were 77337 lots, a daily increase of 1869 lots, net short positions were 14731 lots, a daily decrease of 1201 lots, both long and short increased, and net space decreased
.
On September 3, the main force of Shanghai copper 1910 shock adjustment
.
British early election speculation heats up, the weakening of the pound sterling and the euro boosts the rise of the US dollar, macroeconomic data is weak, and copper inventories continue to increase, putting pressure on copper prices, but upstream copper processing fees TC continue to fall, copper mine supply is still worried, and demand is expected to pick up in the peak season, which partially supports
copper prices.
In terms of spot, copper futures fell slightly, although traders have the willingness to receive goods at low prices, but the space for price reduction is limited, the willingness of holders to raise prices remains unchanged, the transaction is still led by traders, and the market once again shows the characteristics of tug-of-war
.
Technically, the MACD red column of the main 1910 contract of Shanghai copper shortened, and the short-term shock is expected to be weak
.
