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Base metals fell across the board on Friday, of which the Shanghai zinc 1810 contract fell 1.
34%, the decline was higher, while the performance of Shanghai copper was relatively resistant, and the Shanghai copper 1810 contract oscillated and fell, trading at 50170-49460 yuan / ton during the day, closing at 49600 yuan / ton, down 0.
22%
on the day.
In the external market, as of 15:00 Beijing time, the three-month London copper was reported at 6148 US dollars / ton, down 0.
83%
on the day.
At present, copper has not completely got rid of the low run, and long-short trading tends to be cautious
.
In terms of spot, on August 10, Shanghai electrolytic copper spot traded at 20-70 yuan / ton for the monthly contract, and the transaction price of flat water copper was 49760-49820 yuan / ton
.
Morning market holders quoted a premium of 30-60 yuan / ton, good copper can be pressed to a premium of 50 yuan / ton, buying is acceptable, flat water copper wants to top the price, but as some traders lower the price of flat water copper to 20-30 yuan / ton, the transaction is gradually driven
.
In the second trading session, the price difference rose to 90-100 yuan / ton in the next month, traders actively charged good copper, low price good copper is difficult to find, downstream trading is general
.
The proportion of trade speculators entering the market is still dominated by market transactions, and the spread of the next month determines the premium range before next
week's delivery.
On the macro front, the Asian dollar index extended its overnight rally, now trading around 96, hitting an intraday high of 96.
171, a new high in more than 13 months, as the intensification of trade tensions between the United States and Russia and Turkey increased the safe-haven of the dollar index, focusing on the US CPI data for July
.
In terms of inventories, as of August 10, copper stocks in the previous period reported 171107 tons, down 21,710 tons from last week, the sixth consecutive week of decline, indicating an improvement
in domestic consumption.
Overall, copper prices have reacted relatively coldly to the strong rise of the US dollar in the past two days, because Chilean copper mines are on the verge of strike, which has brought a partial boost, but London copper has been suppressed by the strengthening of the US dollar, and its performance is weak, and the two cities have diverged their operational ideas
.
Operationally, it is recommended that the Shanghai copper 1809 contract can be backed above 49,000 yuan, and it is mainly cautious
to bargain hunt.
