The Shanghai copper main contract contracted higher and higher after the gap opened higher in October today. The position has continued to increase substantially while the volume of turnover has slightly increased. The afternoon price has been pulled back, and the closing price of the market closed at 68,940 yuan/ton.
Fundamental analysis, the Mexican National Union of Mining and Metalworks said that the workers plan to strike on Monday at the three mines owned by the Mexican group. Among them, the Cananea copper mine workers of the Mexican group Grupo Mexico started a strike yesterday, which provided copper prices. Support, but the global stock market fell due to credit concerns, limiting the base metal gains. The beginning of the fund shortfall began to decrease on Friday, indicating that the short positions in the previous period began to profit and close, and it is expected that the short-term price may rebound. London's copper stocks fell by 1,000 tons to 10,1800 tons, which can only meet the consumption of slightly more than two days in the world. Spot/3-month premium is once again high at US$125/ton, which is close to the high level of US$129/ton this year. In addition, China's Yangtze River non-ferrous metal market spot price of copper is: 67680 ~ 67880 yuan / ton, a substantial increase of more than one thousand yuan.
In summary, from a technical point of view, London's copper basically held in the 7700-7750 US dollars / ton range, technically has the possibility of continuing the bull market. Although the current market has eased due to inventory concerns and partial resolution of strikes, etc., the upward pressure on the market has been relatively high, but the market has re-aggregated energy, basically has the ability to effectively break through the pressure zone of the upper gear, this energy may be It is from the healthy growth of the U.S. economy.
Shanghai Aluminum: Yesterday, the aluminum market lacked bad news and bullish news, and the exchange rate was relatively stable. There is no particularly noticeable price fluctuation in London's aluminum prices. London Aluminum spot/3-month discount is $59.25/t. Shanghai Aluminum's main contract fell after the flat open in October. The transaction continued to be sluggish and the market closed at 19,660 yuan/ton. It is expected that as the spot price has been in the doldrums, the upward pressure on the market will increase, but it will continue to follow the copper further in the future. . In addition, China's Yangtze River non-ferrous metals market spot price of aluminum: 19840 ~ 19880 yuan / ton, slightly weak.
Shanghai Zinc: Lun Zinc continues to show weaknesses, and the surrounding markets have stabilized support prices. The recent disk will continue to maintain a sideways pattern. Domestic stocks have been repeatedly large, and spot prices have fallen by nearly 500 with the futures market. Seek support, but the lower space is limited. London zinc spot / March premium of $ 34 / ton. Today, Shanghai zinc main contract finally shifted from September to October. In October, after the high opening today, the oscillation moved higher, while the transaction enlarged while holding positions increased significantly, but with the copper weakened in the afternoon, the closing market closed at 28,790 yuan/ton. It is expected that the market outlook will follow copper. Go further. In addition, China's Yangtze River non-ferrous metal market spot price of zinc: 28750 ~ 28850 yuan / ton, a slight increase.
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