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Recently the copper market long and short divergence, on Wednesday, most of the base metals oscillated to close higher, while Shanghai copper performance stagnation, Shanghai copper 1810 contract rushed back down, intraday trading at 49760-49430 yuan / ton, the end of the day closed at 49530 yuan / ton, up 0.
3%
daily.
In the external market, as of 15:00 Beijing time, the three-month London copper was reported at 6177 US dollars / ton, up slightly by 0.
35%
on the day.
At present, copper is still running low, and long-short trading tends to be cautious
.
In terms of spot, on August 8, Shanghai electrolytic copper spot for the month contract reported a premium of 50 yuan / ton - 90 yuan / ton, flat water copper trading price of 49440 yuan / ton - 49500 yuan / ton, the price of holders of the premium continued to decline during the day, but the downstream trading and day by day, trade speculation activity is also declining, the actual transaction of the market is more wait-and-see, the premium is difficult to push again, and the supply and demand are deadlocked
.
On the macro front, the Asian dollar index continued to fall under pressure and is now trading around 95 as the Australian dollar rose as the euro rebound and the renminbi continued to stabilize pushed the Australian dollar higher
.
China's exports rose 12.
2% year-on-year and imports 27.
3% year-on-year in July, almost double the previous value, both of which exceeded expectations, with a trade surplus of $28.
05 billion, indicating that the impact of the Sino-US trade war has not yet been felt
.
In terms of industry, China's customs data showed that China's imports of unwrought copper and copper products in July were 452,000 tons, a slight increase of 2,000 tons or 0.
44% from the previous month, and the monthly import volume hit a new high since November last year, and also increased by 62,000 tons or 15.
9% year-on-year, the 12th increase in the past 13 months, indicating that the depreciation of the renminbi has not reduced China's copper import demand
.
Overall, although the short-term performance of Shanghai copper has stagnated, driven by China's economic stimulus policies and China's copper import demand in July, there has been a divergence between bulls and bears, and the willingness to fall has weakened
.
Pay attention to the reaction of the external market to China's strong trade data, and operationally suggest that the Shanghai copper 1809 contract can be backed above 49,000 yuan, and be cautious about dips
.
