Today's cash market

Today's 11 contract position has exceeded 10 contracts, Shanghai Copper gradually completed the month change. The Shanghai Copper 11 contract opened at 52750 yuan / ton in the morning, fluctuated all the way down after opening, stabilized slightly to 52450 yuan / ton, and closed at 52480 yuan / ton at noon. In the afternoon, Shanghai copper continued its downward trend, with an intraday low of 52110 yuan / ton, and finally closed at 52190 yuan / ton, up 190 yuan / ton, or 0.37%. On the spot side, this week is the concentrated replenishment period before the National Day, but downstream orders continue to be poor, finished product inventory is seriously overstocked, copper prices are hard to see concentrated buying, market demand is still light, superimposed imported copper is concentrated, and domestic inventory picks up, which will further suppress the quotation of rising and sticking water.

Today, Shanghai copper closed, KDJ curve cross upward, the bottom is supported by multiple moving averages, copper price callback space is limited. Wait for the outer disk guidance at night to test whether Shanghai Copper can gain momentum again.

"Sept. 21 SMM Shanghai Copper spot Market KuaiBao: there is no centralized replenishment in the lower reaches, the discount is deadlocked and the downward trend is deadlocked.

"Sept. 21 SMM North China Copper spot Market KuaiBao: no increase in pre-holiday reserve demand, the holder lowered his quotation.

SMM Guangdong Copper spot Market KuaiBao: before the festival replenishment has not yet appeared and the holder continues to adjust the price to ship the goods.

"on September 21, the spot market of SMM Yangshan copper KuaiBao: LME back structure rapidly widened the Yangshan copper premium and fell under pressure.

LME copper inventory decreased by 475t New Orleans warehouse dropped the most

Important news of copper city

[the "China factor" is still the focus of the global copper market] affected by the rebound in copper prices, the position of COMEX copper futures has changed from a large net short position to a large net long position. In the medium to long term, the importance of copper in the Chinese economy will support copper prices. As the world gets rid of the novel coronavirus epidemic and China's demand for copper increases, market participants' demand for copper exposure will become stronger, and global economic growth can be judged by the wide range of uses and unique demand patterns of copper. "View details

[Fitch: copper prices are expected to rise slightly to $6000 / tonne this year from $5900 / tonne] recently, according to the latest market report from Fitch solution (Fitch Solutions), Fitch (Fitch Solutions) slightly raised its 2020 copper price forecast to $6000 / tonne from $5900 / tonne, as the company expects copper prices to roughly consolidate for the rest of the year. "View details

[Guotou Anxin Futures: the copper market is strong outside, weak inside and strong outside] Last week, the copper market was still strong outside and weak inside. The high point of LME copper price continued to move up under the premise of support under the bottom, and the domestic copper price fluctuated more and more narrower and narrower in the convergence triangle. The trend of LME forcing the air continues. Although inventories have increased by 3350 tons, the historically low inventory of only 78900 tons is still the strength for foreign countries to be bullish on copper prices. in root, foreign countries regard the growth of Chinese consumption as the main reason for the rise in copper prices. "View details

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