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On Friday, base metals were mixed, with bearish sentiment rising slightly, indicating a clear lack
of confidence in bulls bargain hunting.
The Shanghai copper 1811 contract was weak and oscillating, closing at 47560 yuan / ton at the end of the day, up slightly by 0.
13% on the day, and copper is still running below the main moving average group, with greater downside risk
.
In the external market, as of 16:01 Beijing time, the three-month London copper was reported at 5869 US dollars / ton, down 0.
66% on the day, and the lower support focused on 5800 US dollars / ton
.
In terms of spot, on September 7, Shanghai electrolytic copper spot traded a premium of 30 yuan / ton - 120 yuan / ton for the monthly contract, and the transaction price of flat water copper was 47900-48020 yuan / ton
.
The import profit window continued to open, which increased the willingness of cargo holders to ship for cash, and the source of high-premium water supply was further reduced
.
In the second trading stage, flat water copper has been adjusted to around 30 yuan / ton, and the price of good copper is about
90 yuan / ton.
Downstream on-demand procurement, wet copper has been transferred from 20 yuan / ton to 20 yuan / ton
.
Near delivery, the source of imported goods has a continued increase trend, the price spread inverted in the next month and the trend of basis expansion, the plate is under pressure, before the Sino-US trade war of 200 billion tax increase has not landed, the bears are still the market leader, making the spot market fearful, the premium may be further lowered, vigilant of the emergence of discount quotations
.
On the news front, the Asian dollar index fell under pressure and is now trading around 94.
9, with the market expecting a trade deal
between the United States and Canada.
In addition, the market focused on the US non-farm payrolls data for August, which was expected to be stronger, which was conducive to the rebound
of the US dollar index.
In the copper market, Antaike data showed that China's copper mines (TC/RCs) are expected to fall below $80 per ton in 2019, due to the expansion of processing capacity and the shortage
of copper concentrate.
Overall, the weak intraday copper oscillation showed that the rebound was blocked, as concerns about the escalation of the Sino-US trade dispute still dominated the market investment sentiment
.
Operationally, it is recommended that the Shanghai copper 1811 contract is backed by 48,000 yuan at a high altitude, with an entry reference of 47,600 yuan / ton, and a target of 47,000 yuan / ton
.
