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Today's morning Shanghai copper main 1809 contract opened at 49220 yuan / ton, the beginning of the session along 49240 yuan / ton narrow range, into the second trading session, short positions increased, copper prices fell slightly, bulls quickly withdrew
.
After the midday open, the bears continued to cover their positions, copper prices fell to the intraday low of 48740 yuan / ton, and then, a large number of short profits closed the position, copper prices rebounded at a low level and crossed the daily moving average, at the end of the session, closed at 49340 yuan / ton, the 20-day moving average underpinned
.
South Reserve East China: the average spot price of electrolytic copper was 49190 yuan / ton, down 730 yuan / ton; Liter discount quotation, 30 to 60 yuan, up 20
.
In East China, copper prices fell sharply, due to the small supply of goods in the spot market, holders are optimistic about the enthusiasm of shipments, continue to sell at high prices, while downstream takes advantage of the low replenishment willingness to enter the market, traders move goods more actively, smooth transactions will push the premium higher
.
Today's premium copper mainstream trading pair futures contract premium 60-70 yuan, flat water copper premium 20-30, wet copper discount 10 yuan
.
South China: the average spot price of electrolytic copper was 49260 yuan / ton, down 720 yuan / ton; Liter discount quotation, 100 to 120 yuan, up 30
.
In Guangdong, inventories began to fall, and cargo holders insisted on shipping at high prices, which continued to rise
.
However, after the continuous rise of premiums, the receiver was more hesitant, the desire to chase up the purchase was not high, and the overall transaction was not as good as yesterday
.
Today's premium copper mainstream trading pair futures contract premium 120-130 yuan / ton, flat water copper liter.
Overnight, the US ADP employment data was higher than the previous value and expectations, the Fed's interest rate hike meeting attitude was obvious, the US index strengthened during the day, putting pressure on base metals, and Shanghai copper fell below the 49,000 yuan / ton integer mark
again 。 Negotiations at Escondida, Chile's largest copper mine, broke down and entered a 10-day government mediation, which would lead to a minimum 30-day workers' strike in late August; The latest resolution on tariff increases in the United States will be issued this evening, and if the result is consistent with the morning news, raising tariffs to 25%, then copper prices will be difficult to avoid a sharp decline again, if the results are not as bad as expected, the copper mine strike is expected to calm market concerns to some extent
.
Watch for the change in initial jobless claims in the US for the week, the final month-on-month reading of durable goods orders in June, and the month-on-month
of factory orders.
A test of daily moving average support is expected in the evening
.
