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On Thursday, the main 1709 contract of Shanghai copper opened at 50280 yuan / ton, after the opening, the National Bureau of Statistics announced that China's industrial enterprise profits in June increased by 19.
1% year-on-year, the growth rate rebounded, and the economic efficiency structure of industrial enterprises continued to improve
。 Long confidence boosted, again increase positions into the market, copper prices up, high to 50410 yuan / ton, a slight retreat around the opening price around the narrow range, then the early entry of the bulls began to reduce positions to leave the market, copper prices oscillated down to below the daily average, low to 49910 yuan / ton, in the afternoon, Shanghai copper a wave of slight rise, the end of the day again pullback, finally closed at 50040 yuan / ton, up 200 yuan / ton
.
During the day, the bulls took profits, the rise of Shanghai copper was suspended, and the overall operation was around 50,000 yuan / ton, and it is expected that Shanghai copper may be at a high level of consolidation in the short term, and the continued upward thrust is limited
.
In terms of external trading, London copper opened at 6314.
5 US dollars / ton, after the opening of London copper extended the daily moving average step up, the high to 6361 US dollars / ton, then bulls have left the market, copper prices pulled back to the opening price nearby, low 6300.
5 US dollars / ton, afternoon London copper low rose to the daily moving average near a wide range of shock, into the European session, London copper's center of gravity slowly moved up, and then stabilized around 6344 US dollars / ton, as of 16:45, London copper reported 6343.
5 US dollars / ton
.
In terms of the market, the high level of Shanghai copper fell, the basis of the next month was stable around 150 yuan / ton, the initial quotation of the holder had a discount of 50 yuan / ton of good copper, but the market recognition was low, with the slow decline of the plate, the holder took the initiative to reduce the good copper to the discount of 80 ~ 70 yuan / ton, flat water copper has no intention of expanding the discount, standing up near 100 yuan / ton
.
After the market fell below 50,000 yuan, it stabilized at 49,850 yuan / ton, and the bargain buying increased slightly, and the market improved earlier
.
In the afternoon session, the market rose slightly and then pulled back again, and the bargain receiving transaction improved slightly
.
Although the copper period has a high adjustment, the overall atmosphere remains unchanged, and if the basis of the next month remains unchanged, the short-term discount will continue to be tangled
.
In terms of news, the news that "scrap seven types of copper will be banned from import at the end of 2018" detonated the market, adding another fire to the continuously rising copper price, the price of London copper once soared to a two-year high of $6,400, completing a 6% increase in just two trading days, Shanghai copper also climbed to a high of more than 5 months, and the main contract rose to 50,900 yuan
.
In just eight trading days, from July 17 to 26, copper prices rose 6.
4%, outpacing the gains in the entire first half of the year
.
After the short-term sharp rise, it may trigger a high pullback due to the profit taking of bulls, but the decline is expected to be limited, as the weak dollar and downstream air conditioning demand support it, and copper prices are expected to remain dominated by high volatility in the near future
.
