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On Friday, the main contract of Shanghai copper 1808 continued to fall under pressure, trading at 49770-48640 yuan / ton during the day, closing at 49160 yuan / ton, down 0.
55% daily, the decline narrowed slightly, the daily closing price hit a new low in nearly a year, for three consecutive trading days, the current copper price is effectively running below the moving average group, the technical form is bearish
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1808 contract and 1809 contract narrowed to 100 yuan / ton, indicating that the forward contract has a stronger
willingness to fall.
In the external market, Asian Lun copper continued to decline, but the decline narrowed significantly, the trading range was 6344-6221 US dollars / ton, of which as of 16:05 Beijing time, 3-month London copper reported 6283 US dollars / ton, down 0.
62% daily, the daily closing price hit a new low level since July 25, 2017, and London copper has fallen nearly 14%
in the past four weeks.
In terms of positions, as of July 4, the position of London copper was 322,000, an increase of 5,014 lots per day, indicating that after the copper price continued to decline, the long-short divergence increased
.
In terms of the market, on July 6, Shanghai electrolytic copper spot traded at a discount of 30 yuan / ton - 20 yuan / ton for the monthly contract, and the transaction price of flat water copper was 48470-49230 yuan / ton
。 Intraday copper fell by nearly 2%, the market is cautious and fearful, downstream stop, quotation reduced to discount 30-liter 10 yuan / ton, within the week to maintain value profit shipments, and the next month the price difference has narrowed to 80-90 yuan / ton, due to cautious buying, traders also do wait-and-see, only maintain the inquiry, the market has a price reduction to good copper discount 10 yuan / ton was received, flat water copper maintenance stability discount about 30 yuan / ton, wet copper support discount 70 yuan / ton, the transaction greatly shrunk
.
The market has not stopped falling, the bearish bearish force controls the market, consumption has not re-entered the market, and the buying force has stopped, making it difficult
to lift the upper hand.
On the macro front, the Asian dollar index fell slightly under pressure and is now trading around 94.
28, down 1.
3% from this round of rising high of 95.
53, indicating that there is some selling pressure
above.
Chinese customs said that after the U.
S.
tariffs took effect at 12 noon on Friday, China immediately imposed tariffs
on some goods imported from the United States.
The market is currently focused on the US non-farm payrolls
data for June.
On the industry front, union officials said Thursday that negotiations between BHP's Escondida copper miners and management were "far from an agreement" and less than three weeks before the deadline
.
During the day, the Shanghai copper 1808 contract continued to fall to 49080 yuan / ton under pressure, effectively running under the moving average group, suppressed by the escalation of Sino-US trade disputes, Shanghai copper has fallen by more than 8.
7% in the past four weeks, so after the US tariffs landed, the market reaction was relatively light, and it was necessary to be wary of the rebound demand
after the bearish cash.
It is recommended that the Shanghai copper 1808 contract can sell high and low between 48800-49800 yuan / ton, and the stop loss is 500 yuan / ton
each.
