A brief comment on SMM
Copper in Shanghai fell sharply today, running below the daily moving average. Recently, tensions in Sino-US relations have further escalated. The United States said it would impose visa restrictions on specific employees of Chinese technology companies, including Huawei, as global investors worried that trade relations between the two countries would deteriorate again and hurt the economy. The plunge in A-shares dragged down the market investment sentiment and put pressure on the commodity market. Today's commodity market turned green, and oil prices led the decline in copper prices. Today, the Shanghai Copper 09 contract opened at 51230 yuan / ton in the morning. the copper price of long positions fell after opening, rebounded after exploring 50850 yuan / ton, briefly returned above 51000 yuan / ton, traded horizontally around 51300 yuan, and in the second trading session, the main force of copper in Shanghai fell again, struggling near the 51000 yuan mark, and opened in the afternoon, that is, it was hit by short positions and suppressed, and the copper price accelerated after breaking 51000 yuan, and the intraday low was 50580 yuan / ton. The short sellers left the market at the end of the day, making the disk temporarily out of the low level, and finally closed at 50710 yuan / ton, down 1780 yuan / ton, or 3.4%. During the day, 09 contracts reduced positions by 1949 to 109000, showing a long reduction in positions, while trading volume increased by 75000 to 167000. 08 contract day reduced positions by 10861 to 97000, showing a long reduction, while trading volume increased by 87000 to 234000.
Today, Shanghai copper closed negative, giving up the previous three days of gains, MACD red column significantly contracted, close to the 10-day moving average below, as the fundamentals of the copper market has not changed much, pay attention to the outer disk guidelines in the evening to test whether Shanghai Copper can return to the 51000 mark.
Spot market
Today, the spot price of electrolytic copper in Shanghai is quoted as 50-80 yuan per ton for that month's contract, 51580 yuan / ton to 51780 yuan / ton for Pingshui copper and 51600 yuan / ton to 51800 yuan / ton for Shengshui copper. Copper in Shanghai stood steady at 51000 yuan / ton, showing that it rose first and then suppressed. In the morning trading session, it came out of an inverted V shape, rising 51750 yuan / ton and then falling back to around 51500 yuan / ton. In the morning market, the holder quoted a price of 60 yuan per ton for levelling copper and 80 yuan per ton for good copper. Traders still prefer levelling copper, asking for more deposits, and levelling copper rises 50 yuan / ton. Individual prices can be reduced to 40 yuan / ton. Good copper has a strong decline due to a small proportion of goods. Wet copper followed up the offer to 5040 yuan / ton, and downstream consumption continued to improve with traders. Shanghai copper rebounded today, the low level of copper in Shanghai is rising today, and the price of copper in Shanghai has rebounded today, due to the low price of copper in Shanghai, the price of copper has risen to 40 yuan / ton, and the price of good copper has been raised to 5040 yuan / ton, and downstream consumption has continued to improve with traders. Market confidence has warmed up, buying corresponding improvement, next week will enter a long single delivery cycle, rising water is easy to rise and difficult to fall, but close to 100 yuan will be suppressed, sawing or will reappear.
Today, the spot price of electrolytic copper in Guangdong province rose by 40 per cent to that month's contract, with an average price up 25 per cent, while wet copper offered a discount of 10 per cent, with an average price increase of 10 per cent. The average price of electrolytic copper is 51605 yuan / ton / ton, and the average price of wet process copper is 51545 yuan / ton / ton. Spot market: the inventory decreased slightly, and the consignor shipped at a positive price. In early trading, the consignor reported that Pingshui copper rose 60 yuan / ton, but the receiver was limited. Some consignors took the initiative to reduce the price, and Pingshui copper was quoted at 40 yuan / ton. With the completion of low-price copper sales, the rising water rose slightly to 50 yuan / ton. Finally, the main transaction price of good copper is 90 yuan / ton, the mainstream transaction price of flat copper is 40 yuan 50 yuan / ton, and the wet copper is-100.0 yuan / ton. Overall, trading in the market weakened over the weekend, and the trend of rising water in the day was repeated.
Yangshan copper
Today's warehouse receipt quotation is US $93mur105 / ton, the average price is the same as the previous day; the bill of lading is quoted at US $82mur93 / ton, the average price is reduced by US $0.50 / ton compared with the previous day, QP August. LME0-3 has a premium of US $1.25 / t and an import loss of around RMB 250 / t.
Today, the range of import losses has expanded again, and the turnover is still light. Recently, the import price comparison is difficult to open the opportunity and the absolute price of copper is high, the buying power is weak. Some sellers are more willing to ship goods and want to lower the price in order to close the deal, which brings some pressure to the premium downward. Today, the price of some second-brand bills of lading in the market has been lowered to less than 100 US dollars / ton, but there is still a stalemate in the transaction, and the buyer still lowers the price, and the price is slightly reduced by 1 US dollar. No offer has been heard from the warehouse receipt in the morning, and the price remains unchanged for the time being.
At present, the transaction price of fire good copper warehouse receipt is around 105 US dollars / ton, mainstream fire method 100 US dollars / ton, wet method 93 yuan / ton; good copper bill of lading is 94 US dollars / ton, mainstream fire method 90 US dollars / ton, wet method 82 US dollars / ton.
Inventory
Today, LME copper stocks are 157350 tons, down 2450 tons, or 1.53%, from the previous day.
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