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On Tuesday, the main contract of Shanghai copper 1808 oscillation rose slightly, trading at 51570-51020 yuan / ton during the day, and closing at 51430 yuan / ton at the end, up slightly by 0.
43% per day, but the current copper price is still running below the moving average group, short-term downside risks remain, and the technical support below focuses on 51000 yuan / ton
.
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 remained at 180 yuan / ton
.
In terms of external trading, Asian Lun copper fell into a low weak oscillation, trading range of 6587-6524 US dollars / ton, of which as of 16:05 Beijing time, 3-month London copper reported 6581 US dollars / ton, up 0.
15% daily, last week London copper has fallen 2.
68%, for three consecutive weeks
.
In terms of positions, as of June 29, the position of London copper was 319,000, a daily decrease of 1,153 lots, and the investment atmosphere in the copper market was still relatively sluggish
.
On the macro front, the Asian dollar index retreated higher, indicating that there was some selling pressure above, and the central price of the yuan against the dollar plunged 340 points to 6.
6497 during the day, hitting a new low
in more than 10 months.
The market is now focused on the minutes of the Fed meeting to be released this week and the US non-farm payrolls data on Friday, which if the data is strong, it will raise expectations
of the Fed to raise interest rates this year.
In terms of industries, Peru's copper production in May increased by 1.
8% year-on-year to 214141 tonnes
.
In terms of the market, on July 3, Shanghai electrolytic copper spot reported a discount of 120 yuan / ton - 50 yuan / ton for the current month's contract, and the trading price of flat water copper was 51030-51100 yuan / ton
.
Holders continue to hold up the price mentality, traders inquire actively intend to receive goods, some traders in the morning market can receive flat water copper discount 120-110 yuan / ton, good copper performance is slightly inferior, the quotation from the discount of 60 yuan / ton was forced to expand to a discount of 80 yuan / ton
.
In the second trading session, Pingshui copper has been discounted around 100 yuan / ton under the influence of buying and trading atmosphere, and the holders are unwilling to expand the discount, and good copper catches up, ushering in a wave of buying, and the quotation quickly withdraws to the discount of 60 yuan / ton line
.
After 11 o'clock, the center of gravity of the market fell slightly, and the inquiry was enthusiastic
.
The intraday market has a rare proactive atmosphere, and downstream and traders have participated in bargain hunting, and the discount may further narrow
rapidly.
During the day, the Shanghai copper 1808 contract oscillated to 51430 yuan / ton, but still ran below the moving average group, because the Sino-US trade dispute has not been resolved, and the market is worried about China's economic slowdown, copper prices short-term decline risk remains
.
It is recommended that the Shanghai copper 1808 contract can be backed by 52,000 yuan below the sky, the entry reference is around 51,500 yuan, and the target is 50,800 yuan
.
