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On Tuesday, the main contract of Shanghai copper 1809 oscillated around 49700 yuan / ton, intraday trading at 50000-49580 yuan / ton, the end of the day closed at 49760 yuan / ton, a slight daily decline of 0.
46%, the current copper price is still valid under the moving average group, the technical pattern 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 widened slightly to 130 yuan / ton, indicating that the forward contract is more willing to rebound
.
In the external market, the Asian market London copper oscillation declined, the trading range was 6441-6385 US dollars / ton, of which as of 15:30 Beijing time, 3-month London copper reported 6396 US dollars / ton, down 0.
13% per day, the daily closing price is still close to the low level set on July 25, 2017, in the past month Lun copper has fallen by more than 14%, short-term focus on over-fall rebound demand
.
In terms of the market, on July 10, Shanghai electrolytic copper spot traded at a discount of 40 yuan - 10 yuan / ton for the monthly contract, and the transaction price of flat water copper was 49580-49640 yuan / ton
.
The performance of the spot market is slightly weak, the plate rose slightly, the spot premium quotation was slightly lowered, the profit margin of speculative trade was suppressed, and the favor of traders for good copper declined, unless the discount and then expand the transaction will have a turnaround, flat water copper performance is slightly better
than good copper.
Futures rebounded spot did not follow, and the overall buying force weakened
.
On the macro front, the Asian dollar index oscillated slightly and is now trading around
94.
13.
China's June CPI rose 1.
9% year-on-year, and PPI rose 4.
7% year-on-year, a new high for the year, higher than the expected 4.
5% and the previous value of 4.
1%, indicating a slight improvement in demand for downstream industrial products
.
In terms of industries, Chile's central bank data showed that Chile's copper exports in June were $3.
261 billion, up 8.
3% year-on-year, boosted by the strong production of some mineral resources
.
In terms of inventory, LME inventories continued to decline overall last week, mainly in European and Asian warehouses; Inventories in the Americas continued to recover, but overall inventories continued to decline
.
Warehouse receipts in the previous period were lower, and inventories also fell from last week, mainly due to a slight month-on-month decline in refined copper production in June, as well as the slow depletion
of domestic inventories due to the fact that the import window had been closed before.
During the day, the Shanghai copper 1809 contract oscillated to 49760 yuan / ton, highlighting the caution of long and short trading, but the short-term market panic temporarily slowed down, and the demand for technical correction in the copper market has not been fully released, it is recommended that the Shanghai copper 1809 contract can be backed above 49300 yuan to bargain long, the entry reference around 49600 yuan, the target is 50500 yuan / ton
.
