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On Monday, the Shanghai copper 1611 contract opened at 36510 yuan / ton, after the opening as the US index fell, the black series rose sharply, bulls actively increased positions to pull up copper prices, short short tests near the 40-week line, copper prices downward to test the daily average, giving up all gains
.
Subsequently, under the influence of China's optimistic data, short cover pushed up copper prices to 36580 yuan / ton around consolidation, in the afternoon as the dollar fell to 95.
601, bulls pulled up copper prices to 36660 yuan / ton, the late high stimulated long profit gushing, copper prices fell back to close at 36510 yuan / ton, down 160 yuan / ton
.
On Monday, the Shanghai copper rushed back down, the bottom rose up, and the long and short average short-term operation
.
It is expected that copper prices will still be volatile, focusing on whether it can stand firm at 36500 yuan / ton line, test the 20-week line upward, and run in the range of 36500-36750 yuan / ton
.
In terms of external trading, London copper opened at 4618.
5 US dollars / ton, the US dollar fell to 95.
601 during the day, China announced that the Caixin service industry rose slightly to PMI52.
1 in August, the composite PMI 51.
8 high stabilized, good news fermentation, bulls actively increased positions to pull up copper prices, up to test the 10-day moving average, the high touched 4642 US dollars / ton, and then long and short around 4635 US dollars / ton to fight, copper prices up and down, into the European session, LME inventory report increased by 10025 tons, inventory growth continues , copper prices fell instantly, giving up all the gains in the Asian market, testing down the 5-day moving average support, recording 4615 US dollars / ton with, due to the rise of crude oil, London copper rose back to test the daily moving average, as of 17:15, London copper reported 4622.
5 US dollars / ton
.
Intraday copper oscillation operation, there is support at the 5-day moving average, it is expected that there should be a repeat at the daily moving average, waiting for the opportunity to rebound back to test the resistance of the 10-day moving average, running in the range of 4620-4650 US dollars / ton
.
On the macro front, the United States and Canada were closed for the Labor Day holiday on Monday, the market trading was relatively light, after the weak performance of the non-farm payrolls, the dollar index continued to come under pressure, hitting a low of 95.
55 in the day, Saudi Arabia and Russia issued a joint statement on supporting the oil market during the G20 summit in China, which once caused oil prices to rise
sharply in the short term.
On the news front, a union representative said on Monday that striking workers at the small Salvador copper mine in Chile, owned by Codelco, blocked access to the mining area, affecting production activities
.
Although London copper stocks increased by more than 10,000 tons to 328525 tons on Monday, it continued to maintain a low level of consolidation on the back of copper mine strikes and the continued high operation of the Shanghai ratio, and London copper closed at $4626.
5, up $11.
5 / ton
.
In the market, copper in Shanghai fluctuated in a narrow range, and now copper rose and retraced
.
The opening copper reported a premium of 120 yuan / ton, and the flat water copper reported a premium of 80 yuan / ton, but there was a lack of interest, and the holders took the initiative to reduce it
.
Around 10 o'clock, good copper fell to around 100 yuan / ton, and trade speculation picked up slightly, but it was still far
from last Friday.
The downstream continues to wait and see, and does not recognize
the source of high-rise water.
Consumption was blocked during the G20 summit, but supply was tight, and flat water copper quotations were less, hindering the decline in
premiums.
The current import loss is about 100 yuan / ton, which is significantly better than the loss of 700 yuan in early August
.
In the afternoon, copper prices dived, and the supply and demand of the spot market were weak, with a premium of 60-100 yuan / ton, and a transaction price of 36580-36680 yuan / ton
.
At present, the market still has expectations for consumption, waiting for the downstream to return in the second half of the week, so supply and demand are still
deadlocked.
Overall, copper prices have continued to consolidate at a low level for 7 days, and the time has entered September, and the market continues to expect consumption improvement in the later period, limiting the decline in copper prices
.
However, in terms of spot market transactions, the foreign trade market has improved slightly in the case of improved import losses, and it is necessary to continue to observe whether import losses can continue to operate in a better area
.
In the domestic market, supply and demand are weak, and it is necessary to pay attention to the transaction situation after removing the impact of G20 in the second half of the week, and the current peak season orders and stocking are not positive, or there is a possibility
that the peak season is not strong.
