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On Wednesday, base metals were mixed, with the weakening of the Shanghai copper shock, indicating weaker copper prices, attracting some short funds to start flowing in
.
The CU1901 contract traded in a range of 48720-49350 yuan / ton, and closed at 48820 yuan / ton at the end of the day, down 0.
16%
on the day.
In the external market, as of 15:33 Beijing time, the three-month London copper was reported at 6045.
0 US dollars / ton, down 0.
05% on the day, and the support level below it focused on 6000.
0 US dollars / ton
.
In terms of the market, the Shanghai copper fluctuated slightly around 49,000 yuan / ton in the next month, and the copper price fluctuated in a narrow range along the daily moving average at 48,900 yuan / ton
.
The monthly price difference between the early interval is still fluctuating at 50~60 yuan / ton, and the holders of the market quotation premium 20-50 yuan / ton, good copper premium 50 yuan / ton market transaction is active
.
With the widening of the price difference in the next month, the low-price source was quickly collected, and the flat water copper was concentrated at 20-30 yuan in premium, and the good copper was raised at 60-70 yuan / ton
in premium.
Entering the second trading stage, the price difference once widened to 90-100 yuan / ton in the next month, and the performance fluctuated violently, the holder raised the quotation of good copper premium 70-80 yuan / ton, flat water copper quotation premium 40-50 yuan / ton, the transaction is difficult after the premium rises, wet copper transaction maintenance quotation discount 100-70 yuan / ton
.
The market is under pressure around 49,000 yuan / ton, attracting the market to buy on the dip, and the downstream market has increased slightly, but the price difference fluctuates sharply in the next month, and it is difficult for the market to keep up, but it is difficult to have room for price reduction
.
On the last trading day of the month, the performance of the premium is unlikely to change significantly, and the space for trade speculation is unattractive
.
On the news front, the Asian dollar index rebounded and is now trading around 97.
175, as the euro and pound rose as the United Kingdom and the European Union initially agreed on the withdrawal agreement, triggering investors to take profits on the dollar, and the dollar index fell
from its 16-month peak.
On the industry front, Paranapanema, Brazil's only copper smelter, has just reported its third-quarter 2018 results, and they offer some cautious signs of optimism
.
Compared with the same period last year, copper cathode production remained essentially unchanged at 103,000 tonnes
as of September.
Its smelter in Dias d'Avila, Bahia, was closed for 35 days for scheduled maintenance between March and April 2018, but without that, the plant would have achieved a significant increase in production
.
During the day, the Shanghai copper shock weakened, and the high of the US dollar index retreated to make copper prices recover slightly, but as China's loan growth data was less than expected, copper prices were hindered and weakened
again.
On the technical side, the futures price rebounded above the strong selling pressure, currently under pressure below the moving average system, short-term copper price downward pressure is greater
.
Operationally, it is recommended that the CU1901 contract can consider short order intervention around 49,000 yuan / ton, and the stop loss reference is 49,500 yuan / ton
.
