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On Monday, the Shanghai copper 1609 contract opened at 36780 yuan / ton, with the rise of London copper, the black series rose sharply, bulls were encouraged to increase their positions sharply, Shanghai copper unilaterally rose to 37130 yuan / ton, blocked at the 5-day moving average, with the recovery of the dollar, bulls took profits outflow, copper prices pulled back, closed at 37020 yuan / ton
.
Externally, London copper opened at 4702 US dollars / ton, Asian session, by the strong non-farm demand outlook, London copper rebounded sharply to around 4782 US dollars / ton, with the recovery of the US dollar, crude oil fell back to 44.
54 US dollars / barrel, long profit outflow, copper prices fell back to near the daily moving average, after being strongly supported, the afternoon continued to fluctuate stronger, entering the European session, London copper rose to touch 4788 US dollars / ton, high pressure back after the test again, as of 18:00, London copper reported 4777 US dollars / ton, The increase was 1.
87%.
In the market, Shanghai copper rebounded sharply back to 37,000 yuan / ton, and now copper rose to a discount
.
Open good copper premium 70-liter 80 yuan / ton, flat water copper report premium 30-liter 40 yuan / ton, lack of attention, large holders take the initiative to reduce the premium to seek shipments, and thus lead the market premium drop, but the downstream is not moved in the face of the decline in premium, waiting for the disk correction
.
After the start of the second quarter, the market continued to rise, the market demand fell to the extreme, and some holders found that even if copper was produced in flat water, there was still no demand response, so there was resistance to discount shipments
.
The reduction rate and rate of good copper premium are lower than that of flat water copper
.
However, as the market rose again by nearly 37,000 yuan / ton before the close of the afternoon market, a few holders have quietly reduced the poor flat water copper to the discount
.
Today, the monthly basis continues, restricting traders from
buying.
In the afternoon, the next month showed the basis difference, the copper period maintained a high level of volatility, the willingness of the holder to ship before delivery further rose, the spot has shown a discount state, the quotation discount 20-liter 40 yuan / ton, the transaction price is located at 36920-37040 yuan / ton, downstream consumption is still weak, the overall market conditions are light, highlighting the characteristics of Monday, and the premium before delivery is difficult to sustain.
At present, China's June PPT fell by 2.
6% year-on-year, CPI rose 1.
9% year-on-year, the expectation of easing policy increased, and funds flowed into commodities in large quantities, with the Shanghai copper index inflowing 62.
14 million per day.
In the short term, Shanghai copper has signs of stabilization, more than the overall focus on the 36500 line, in terms of the overall trend, Shanghai copper still has upside in the later period, can be back to debug more, the overall 35800 as the stop loss
.
