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Market review, on Thursday, the trend of base metals further diverged, of which the Shanghai lead 1810 contract rose 1.
31%, the strongest performance, while Shanghai copper under pressure continued to fall, intraday trading at 48550-47960 yuan / ton, the end of the day closed at 47990 yuan / ton, down 1.
19%, for two consecutive days, its upper rebound resistance focus on 48500 yuan / ton
.
In the external market, as of 15:15 Beijing time, the three-month Lun copper was reported at $5,910 / ton, down 1.
64% on a daily basis, falling back to the low point since August 16 this year
.
At present, copper prices have fallen below the moving average group, and the short-term downside risk has increased
.
In terms of spot, on August 23, Shanghai electrolytic copper spot contracts reported a premium of 80-150 yuan / ton for the month, and the transaction price of flat water copper was 48140-48360 yuan / ton
.
The market increased the quotation of the source of the next month's ticket, entering the second trading session, the holders suspended the price adjustment, the quotation remained stable, some downstream bargain-hunting entered the market to replenish, the wet copper quotation was 30-40 yuan / ton in the premium, and the flat water - premium of the next month's pass was 10 yuan / ton
.
The intraday reflected the characteristics of futures and spot decline, imported copper storage increased, market supply was abundant, and the premium fell rapidly
under oversupply.
However, wet copper is already at flat water levels, and holders are still cautious
about discounted quotations.
On the news front, the Asian dollar index stopped falling and rebounded, now trading around 95.
33, as Sino-US trade negotiations did not make good progress, and on the contrary, further tariffs were imposed on each other, while the market focused on the minutes of the August Fed meeting, worried about hawkish remarks
.
In terms of industry, Chinese customs data showed that scrap metal imports in July were 410,000 tons, down 31% year-on-year, of which copper scrap imports were 210,000 tons, down 26.
8% year-on-year and up 10,000
tons month-on-month.
The cumulative import volume of copper scrap from January to July this year was 1.
6 million tons, down 540,000 tons or 25.
2%
year-on-year.
Overall, copper futures fell under pressure, as the dollar index stopped falling and rebounded, and Sino-US trade concerns rose further, while the short-term copper market technical pattern was bearish, and the downward trend continued
.
Operationally, it is recommended that the Shanghai copper 1810 contract can be backed by 49,000 yuan below the sky, and the entry reference is around 48,500 yuan, and the target is 47,500 yuan / ton
.
