Daily Report 230916

Stock Index
News side, firstly, the Fed is on hold, US stocks continue higher. Secondly, during the State Council inspection teams supervising period, localities also take action. Just two days of 19 and 20 May, they focused on construction a number of major investment projects, with total investment of nearly one trillion yuan. Thirdly, till September 21, a total of 180 listed companies, 389 important shareholders reduce holdings with total cash of nearly 15.126 billion yuan. August data may bring short-term rebound, and the pressure of the platform before September 9 is large, narrow range in the short term may be larger.
 
Copper
Thursday copper market trading and investment is active. Copper price largely rallied. LME increased 1.64%. LME inventory decreased 1750 tons to 346000 tons. LME physical discount narrowed $5.25 to discount $18. Data from General Administration of Customs shows that China August filtered copper import decreased 11.7% year-on-year to 232000 tons. Filtered copper export increased 344.2% year-on-year to 57000 tons. Through analysis, this year July and August filtered copper import decreased but export is at the high level. This is related to high progressing fee of $105/ton which stimulates smelting plant activity. Technically, copper price is under the rally tendency at the short term. Wait for the signal of the end of rally.
                                                                                                              
                                                                                                     Dong LV (Investment Certificate NO. TZ008452)