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On Thursday, the Shanghai copper main 1810 contract climbed slightly, closing at 49950 yuan, up 0.
85%.
The trading volume of the Shanghai Copper Index increased by 125,000 lots to 467,000 lots, and the position increased by 16,178 lots to 605,000 lots
.
The top 20 domestic long positions in the Shanghai copper 1810 contract increased their holdings by 3538 lots to 49832 lots; The top 20 domestic positions were short and increased their holdings by 4725 lots to 56842 lots
.
In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 20 yuan / ton ~ 60 yuan / ton, the transaction price of flat water copper was 49400 yuan / ton ~ 49630 yuan / ton, and the trading price of premium copper was 49420 yuan / ton ~ 49650 yuan / ton
.
In terms of stocks, as of August 8, LME copper stocks were 249,150 tons, an increase of 1,100 tons from the previous day; COMEX stocks were 200,720 tons, down 1,083 tons from the previous day; As of August 9, copper stocks in the previous period were 77,180 tons, down 2,663 tons
from the previous trading day.
Industry news, the world's largest copper miner, Chile's national copper company (Codelco), announced that it will spend $4.
881 billion to transform the Chuquicamata open-pit copper mine into an underground mining project
.
The Chuquicamata renovation is part of Chile's 10-year, $39 billion major project overhaul program as the company looks to sustain production growth
amid continued declines in ore grades.
At present, the risk of strike at the Escondida copper mine and the continued decline in refined copper inventories still support the price, but there are still many uncertainties in the macro aspect, investors may prefer short-term operations, and the sustainability of the copper price rebound needs further attention
.
Overall, the main force of Shanghai copper is significantly supported at the position of 49,000 yuan, and the increase in import tariffs on scrap copper in the United States may be conducive to domestic refined copper consumption, and it is expected that the short-term copper price shock will strengthen, and the center of gravity of the shock may move up to 49500-50500 yuan / ton
.
FYI
.
