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On Monday, the main 1709 contract of Shanghai copper opened at 47520 yuan / ton, at the beginning of the session due to the recovery of the US dollar index, copper prices were pressured to 47390 yuan / ton, and then announced China's June Caixin manufacturing PMI50.
4, a three-month high, bulls confidence boosted, the main force hovered at 47400 yuan for a long time, increased positions at noon, and continued to pull up copper prices to a high of 47650 yuan / ton in the afternoon, closing at 47600 yuan / ton
.
Intraday Shanghai copper first fell and then rose, but still relied on the 5-day moving average high
.
Pay attention to the guidance
of London Copper.
The Shanghai copper target is 48,000 yuan / ton
.
Externally, London copper opened at 5946 US dollars / ton, after the opening copper price short-term down to 5927 US dollars / ton, China announced Caixin manufacturing PMI50.
4, a three-month high, copper prices were boosted and rebounded to 5957 US dollars / ton, during the European session, the US dollar suddenly rose, LME copper stocks increased for the second day in a row, increasing by 28575 tons, Lun copper straight down, low to 5898 US dollars / ton, supported by the 5-day moving average after the low rebound, as of 18:23, Lun copper reported 5917 US dollars / tons
.
Intraday London copper was dragged down by the surge in copper inventories, the rise of the US dollar inhibited the continuous rebound of copper prices, and London copper may be able to stabilize at the 5-day moving average
.
Pay attention to the final US market manufacturing PMI for June, the ISM manufacturing index
.
On the news front, U.
S.
Treasury yields rose on Friday as inflation data was not seen as weak enough to delay the expected interest rate hike by the US Federal Reserve, while investors worried that the European Central Bank would reduce easing
.
Fed officials have hinted at the possibility of another rate hike this year while also starting to taper their bond
holdings.
Separately, investors raised expectations for tighter monetary policy by the European Central Bank, the Bank of England and the Bank of Canada, after officials of these central banks hinted this week that they would tighten monetary policy
.
LME three-month copper closed down 0.
1 percent at $
5,936 a tonne.
In terms of the market, the Shanghai copper fluctuated at a high level, and the V pattern in the morning session, entering the new week of July, holders tried to narrow the discount slightly
.
The market expects the discount to be further narrowed in the future, and some of the receivers are ready to deliver long orders, and downstream buying is still in demand
.
In the new week, market trading finally broke the previous week's supply-demand stalemate
.
After that, pay attention to the corresponding changes
in the discount pattern of the spot market transmitted to the change in the price spread of the disk contract.
In the afternoon session, the market rose strongly by 150 yuan / ton, and the sentiment of holders was strong in selling and pushing prices, the market supply was tight, and the discount was further narrowed
.
During the day, the main 1708 contract of Shanghai copper continued to rebound, the tail market closed at 47500, the rebound broke through 46500 after continuing to go long, the current trend, continue to maintain the rebound, short-term high around 48500
.
Therefore, those who have no positions continue to go long, and those who have long positions continue to hold
.
