[SMM survey] it is difficult to predict whether the macro clouds are cloudy or the rain is not clear, and the results of the survey and forecast are difficult to predict in the future.-Shanghai Metals Market

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[SMM survey] it is difficult to predict whether the macro clouds are cloudy or the rain is not clear, and the results of the survey and forecast are difficult to predict in the future.

Translation 07:55:05PM Aug 26, 2018 Source:SMM

SMM8 26th news: Friday Aug. 17 closed at 47770 yuan / ton, this Friday Aug. 24 closed at 48510 yuan / ton. Copper prices rose 1.55% on Friday from Friday, and 56% of people in last week's survey were bullish on copper prices this week.

According to a SMM survey of people in the domestic industry, Shanghai copper closed at 48510 yuan per ton on August 24 and had its own views on the trend next week. 32 per cent of the participants thought that copper prices would rise in the short term (up more than 1 per cent). Eighteen per cent of participants thought copper prices were volatile (up less than 1 per cent), 14 per cent thought copper prices were weak (down less than 1 per cent), and 36 per cent thought copper prices were bearish next week (down more than 1 per cent).

SMM column: prospects for the Copper Market

Rida Futures:

Current analysis: at present, the term structure of Shanghai copper occasionally appears near low and far high positive arrangement, Shanghai copper 1809 contract and 1810 contract price difference is the same. Spot transactions, according to SMM reported that on August 24, Shanghai electrolytic copper spot contract for the current month quoted water 60 yuan / ton-water 120 yuan / ton, flat water copper transaction price of 48380 to 48440 yuan / ton. Morning market holders of the current monthly ticket quotation 90-130 yuan / ton, but due to lack of response, take the initiative to lower, but the market buy Xing is low, good copper can be reduced to 100 yuan / ton. In the second section of the transaction, next month's ticket flat copper quotation still has room to press the price, good copper to maintain the water 100 yuan around, wet copper has heard of a small amount of discount 10 yuan / ton quotation. Recently, imports of copper have been concentrated, resulting in a return to a relaxed supply situation, and there has also been a corresponding performance on the market. The contract prices went down that month, and recently the price gap between contracts has been reopened, gradually showing a pattern of near weakness and far strength, attracting some traders to enter the market to receive goods at a lower price.

Market hot spot attention: the Asian dollar index fell under pressure and is now trading near 95.51, as no significant progress has been made in the Sino-US trade negotiations. Meanwhile, with the release of hawkish comments in the minutes of the Fed meeting in August, the Fed's rate rise in September remained a certainty, and short-term markets focused on Fed Chairman Powell's speech at the annual meeting of the central bank in Jackson Hole. In terms of copper industry information, China's imports of scrap copper were 210000 tons in July, down 26.8 percent from the same period last year and slightly up 10, 000 tons from the previous month, according to Chinese customs data. The cumulative import of scrap copper from January to July this year was 1.6 million tons, down 540000 tons or 25.2 per cent from a year earlier.

Market research and judgment: summary, 24 copper oscillatory rebound, but not as high as other basic metals, indicating that its internal rising power is insufficient, while the short-term copper market technical form is on the short side, the downward trend continues.

[SMM survey] it is difficult to predict whether the macro clouds are cloudy or the rain is not clear, and the results of the survey and forecast are difficult to predict in the future.

Translation 07:55:05PM Aug 26, 2018 Source:SMM

SMM8 26th news: Friday Aug. 17 closed at 47770 yuan / ton, this Friday Aug. 24 closed at 48510 yuan / ton. Copper prices rose 1.55% on Friday from Friday, and 56% of people in last week's survey were bullish on copper prices this week.

According to a SMM survey of people in the domestic industry, Shanghai copper closed at 48510 yuan per ton on August 24 and had its own views on the trend next week. 32 per cent of the participants thought that copper prices would rise in the short term (up more than 1 per cent). Eighteen per cent of participants thought copper prices were volatile (up less than 1 per cent), 14 per cent thought copper prices were weak (down less than 1 per cent), and 36 per cent thought copper prices were bearish next week (down more than 1 per cent).

SMM column: prospects for the Copper Market

Rida Futures:

Current analysis: at present, the term structure of Shanghai copper occasionally appears near low and far high positive arrangement, Shanghai copper 1809 contract and 1810 contract price difference is the same. Spot transactions, according to SMM reported that on August 24, Shanghai electrolytic copper spot contract for the current month quoted water 60 yuan / ton-water 120 yuan / ton, flat water copper transaction price of 48380 to 48440 yuan / ton. Morning market holders of the current monthly ticket quotation 90-130 yuan / ton, but due to lack of response, take the initiative to lower, but the market buy Xing is low, good copper can be reduced to 100 yuan / ton. In the second section of the transaction, next month's ticket flat copper quotation still has room to press the price, good copper to maintain the water 100 yuan around, wet copper has heard of a small amount of discount 10 yuan / ton quotation. Recently, imports of copper have been concentrated, resulting in a return to a relaxed supply situation, and there has also been a corresponding performance on the market. The contract prices went down that month, and recently the price gap between contracts has been reopened, gradually showing a pattern of near weakness and far strength, attracting some traders to enter the market to receive goods at a lower price.

Market hot spot attention: the Asian dollar index fell under pressure and is now trading near 95.51, as no significant progress has been made in the Sino-US trade negotiations. Meanwhile, with the release of hawkish comments in the minutes of the Fed meeting in August, the Fed's rate rise in September remained a certainty, and short-term markets focused on Fed Chairman Powell's speech at the annual meeting of the central bank in Jackson Hole. In terms of copper industry information, China's imports of scrap copper were 210000 tons in July, down 26.8 percent from the same period last year and slightly up 10, 000 tons from the previous month, according to Chinese customs data. The cumulative import of scrap copper from January to July this year was 1.6 million tons, down 540000 tons or 25.2 per cent from a year earlier.

Market research and judgment: summary, 24 copper oscillatory rebound, but not as high as other basic metals, indicating that its internal rising power is insufficient, while the short-term copper market technical form is on the short side, the downward trend continues.