Construction Information (09.10): Copper and Aluminum

Construction Information (09.10): The “Risk Warning” section of the “Copper and Aluminum” publication aims to describe the risk of long and short positions through the icon image of the star symbol, which can be used as a reference for investors when dealing with open positions. Investors in China also need to take concrete measures based on their own short-term trading strategy and the differences in the volatility of each product. The specific star classification criteria are as follows: ☆ The reverse run range of new-year closing price may be less than 2%. ☆ ☆ The reverse run range of new-year closing price may be greater than 2%. ☆☆☆ The period price is reversed from the newer closing. The rate may be greater than 3%. ☆☆☆☆ The reverse run of the period from the newer closing may be greater than 4%. ☆☆☆☆☆ The reverse run of the period from the newer closing may be greater than 5%. Risk Warning: Bulls: ☆ Short Risk: ☆ Tips before the market: Orient: Copper: Yesterday, LME copper in March showed a trend of bottoming out. In the early morning, the price fell under the pressure of profit-taking, but then in the case of a weakening US dollar, the fund buying into the The market promoted the rebound of copper prices, which was a closing price of US$2752.5/ton, which was US$13/ton higher than the previous trading day and the fluctuation ranged from US$2755 to US$2717.5/ton. Yesterday, LME copper stocks fell by 1075 tons to 107,800 tons. Since the United States will announce the July trade deficit on the 10th, although economists predict that it will drop from 55.82 billion U.S. dollars in the previous month to 51.75 billion U.S. dollars, it is still the second largest U.S. trade deficit in history. At the same time, the U.S. trade deficit has long been maintained. More than 50 billion U.S. dollars will affect the long-term trend of the U.S. dollar. Judging from the current trend of copper prices, the resistance above the copper price is located in the price range of 2780 to 2800 US dollars, the underlying support is located in the price range of 2680 to 2700 US dollars. The short-term copper price may fluctuate in this range may be larger, after experiencing the third in September After Wednesday, prices may drop. Yesterday, domestic copper exhibited a trend of low opening and highs, once set a new high in the session, and the main contract closed at 25,890 yuan/ton in December, up by 80 yuan/ton over the previous trading day. The domestic spot price has risen. The spot price rose slightly yesterday. It was RMB 29,050~29,150/ton and the premium was RMB 650~750/ton. Aluminium: LME March aluminum was followed by the trend of copper prices yesterday. During the deliberation process, bargain-hunting was relatively strong, closing at 1672.5 USdollars/ton. The continued decline of LME aluminum inventories provided support for aluminum prices. Shanghai Alcoa was presented yesterday. The trend of a slight concussion rallied, showing near the upper edge of the box, the selling pressure was heavy. The main contract of December contract closed at 16010 yuan/ton, down by 20 yuan/ton from the previous trading day. The recent aluminum price Will still oscillate in the 16200~15800 box. The spot price of domestic aluminum changed little yesterday, which was 15840~15860 yuan/ton. Ma Hongqing: LME copper prices bottomed out on Thursday's trading, but the transaction is extremely light, technically copper prices are in the shock zone. Shanghai CU CU 412 is expected to test an integer mark of 26,000 on Friday with support at 25840. Daily commentary: He Haihai: Most basic metals closed lower on Wednesday night's composite trading, and were taken profit-taking pressure. Trading at the beginning of the session was very quiet. The market was waiting for US economic news. The dollar weakened at the end of the day stimulated some trade buying. The three-month copper futures initially fell below the flat level, closing down 11 US dollars to 2,743 yuan per ton, and the Asian market hit a high of 2,772.50. Today's Shanghai copper prices opened higher and higher, most of the contracts broke in intraday trading. The high point of yesterday’s trading. On Wednesday, the US Fed chairman Greenspan stressed the low inflation outlook, leading to a decline in the US dollar. He also said that the Fed could not see the reasons for accelerating the "orderly" rate adjustment since June; "Although the price of crude oil rose in August, Inflation and inflation expectations have slowed in recent months.” His remarks lowered expectations that the US will raise interest rates further after October. The US dollar is therefore weak against the euro, but its support for base metals is limited. The International Copper Research Organization (ICSG) announced on Wednesday that the global copper supply gap between January and June 2004 was 682,000 tons, while the gap was 363,000 tons during the same period of last year. ICSG stated that the global refined copper use was higher in the first half of 2004. The year-on-year increase was 6%. The organization said in a statement: “After seasonal adjustment, the monthly increase in usage is 5.2%, which is affected by the rebound in demand from 15 countries in China and the European Union. In news, the Peruvian copper mines may have At the end of Thursday, it had a negative impact on copper prices.From a graphical standpoint, although the rebound on the previous day's price was not completely destroyed, the support for closing the negative and touching the 60-day moving average showed some turmoil in the direction of the disk. Operational advice: Moderate short-selling as the main overseas express delivery: LME market report: London, September 9 news: Under the influence of producers and long-term liquidation selling pressure, the nickel price of the London Metal Exchange (LME) benchmark fell sharply in three months on Thursday. , fell to 12,000 US dollars in the heart of the mark in early trading in the manufacturers selling pressure, the benchmark three months of nickel prices once fell to a three-month low of 11,800 US dollars, then rose slightly to close at 11,990 US dollars.Traders said that nickel prices The drop was mainly due to the increase in LME inventories.. On the 8th, the LME nickel inventories were 13,392 tons, a 34% increase from the end of July.The spot/three months nickel price discount was 135 US dollars and the end of July was 405 US dollars. The downside support is at 11,800 US dollars, and the upward resistance is at 12,500 US$ The benchmark three-month copper price rose slightly on the 9th, but it dropped significantly at the point of 2,750 US dollars.Although earlier Peruvian officials announced that they occurred in the South Peru Copper Company. (Southern Peru Copper) The strikes at the Toquepala and Cuajone copper mines were illegal, but the strike continued to support the price of copper and the union stated that it will continue to press the company to require the company to meet the workers' requirements.The analyst said that if the $2,750 It was effectively broken through, and the benchmark copper price upward resistance for the three-month period is expected to be US$2,780. The downside support is at US$2,715 and US$2,700. Short-term supply is expected to be tight, and the benchmark price will continue to rise in the three months to come. The upward resistance is expected to be US$880. COMEX Copper Market Report: New York, September 9: Supported by fund buying, December copper prices on the New York Mercantile Exchange (Comex) were small Traders said that the main driving force behind the price increase came from the fund, but the buying was limited, with the December copper price rising by 75 points to end at 126.40 cents, lower by 124.70 cents and 126.50 cents higher. Traders said that from recent disk observations, some hedge funds began to enter the market, although strikes were still illegal at the earlier Peruvian official’s announcement that the strikes at the South Peru Copper Company’s Toquepala and Cuajone copper mines were illegal. It played a supporting role, while the union stated that it will continue to press the company to require the company to meet the workers' requirements. On the 9th, LME copper stocks fell by 1,075 metric tons to 107,800 metric tons. 8th COMEX copper stocks fell by 847 short tons to 58,287 short tons

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