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Overnight, the Shanghai copper 1610 contract opened low at 37710 yuan / ton, after the opening of the short position sharply increased to suppress copper prices, after detecting the low level of 37440 yuan / ton, step by step to reduce positions to take profits, copper prices low rose and turned red, and the end of the day touched the 5-day moving average after the pressure to fall
.
Finally, Shanghai copper closed at 37,800 yuan / ton, down 250 yuan / ton
.
Overnight Shanghai copper first suppressed and then rose, bears were silent for many days, testing intensified, but still not eager to be overly bearish, today is expected to Shanghai copper within
37500 yuan / ton to 38000 yuan / ton.
In terms of market: on August 3, Shanghai electrolytic copper spot reported a premium of 30-130 yuan / ton, and the transaction price of flat water copper was 37780-37900 yuan / ton
.
Shanghai copper high consolidation, now copper discount quotation again
.
The market is good copper supply is tight, the holders are reluctant to sell, the quotation has been rising, and at the same time, traders have a strong atmosphere of inquiry and take the initiative to buy
.
Downstream purchases are light, fear of heights is still the main reason, it is expected that the market trade is good copper premium or still strong
.
Stocks: As of July 29, Shanghai copper inventories in the previous period were reported at 165468 tons, down 9,503 tons from last week, close to the year's low of 155235 tons, and far below the average inventory of 256613 tons
during the year.
Overnight, the main Shanghai copper contract bottomed out to 37800 yuan / ton, indicating that there is strong technical support below, this week under the pressure of the US dollar index and the slowdown in manufacturing activities in major countries around the world, copper price trend oscillation, did not effectively fall below the oscillation finishing platform, copper market operation ideas are more
cautious.
It is recommended that the Shanghai copper 1610 contract can be cautiously long above 37400 yuan, and the target is 38500 yuan
.
