-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
On Monday, the main contract of Shanghai copper 1809 rushed back down, showing that the upper selling pressure was heavier, intraday trading at 49300-48720 yuan / ton, the end of the day closed at 48720 yuan / ton, unchanged from the previous day, 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 narrowed slightly to 120 yuan / ton
.
In the external market, Asia Lun copper fell slightly under pressure, trading range of 6267-6188 US dollars / ton, of which as of 15:40 Beijing time, 3-month London copper reported 6195 US dollars / ton, down 0.
36% per day, and the daily closing price was still close to the low level
set on July 25, 2017.
In terms of positions, as of July 12, the position of London copper was 324,000, an increase of 420 lots per day, indicating that after the copper price continued to decline, the long-short divergence increased
.
In terms of the market, on July 16, Shanghai electrolytic copper spot traded at 50 yuan / ton - 110 yuan / ton for the monthly contract, and the trading price of flat water copper was 48760-48900 yuan / ton
.
The price difference of the next month is 200-220 yuan / ton range, the market quotes for the 1808 contract, the holder's quotation discount is 140-110 yuan / ton, the market willingness to receive goods is low, and the quotation
is helpless.
After eleven o'clock, there was a slight decline, and the price difference narrowed to less than 200 yuan / ton in the next month, and the market quotation was discounted 130-100 yuan / ton
.
The delivery date has already fully increased the price of the current month
.
On the last trading day of the month, the spread performance volatility is still more frequent, and the intraday increase discount is subject to the change
in the spread of the next month.
The market traded lightly, highlighting Monday's stalemate
.
Since the source of imported copper has not seen a significant inflow growth, it is difficult to continue to expand after the change of month
.
On the macro front, the Asian dollar index oscillated around 94.
66
.
In addition, China's relevant economic indicators for the second quarter released within the day were mixed, with GDP growth of 6.
7% in the second quarter as expected, but lower than 6.
8%; China's urban fixed investment from January to June was 6% year-on-year, a record low, of which national real estate investment increased by 9.
7% year-on-year in nominal terms, down 0.
5%
from January to May.
In the sector, despite concerns about trade disputes and China's economic slowdown, Peel Hunt said the copper market will shift from the current mild oversupply to a supply gap
in 2019 and 2020.
As a result, Peel Hunt raised its copper price estimates for the next two years to $7,510/mt and $7,450/mt
.
During the day, the Shanghai copper 1809 contract fell back to 48720 yuan / ton, as some Chinese economic indicators showed that the domestic economic growth rate may further slow down, while Sino-US trade war worries remained, weighing on the confidence of bulls
.
However, after copper prices continue to fall, it is still facing the demand for technical rebound, and it is recommended that the Shanghai copper 1809 contract can sell high and low between 48500-49500 yuan / ton, and the stop loss is 450 yuan / ton
each.
