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On Thursday, the main contract of Shanghai copper 1808 continued to fall under pressure, trading at 50190-49180 yuan / ton during the day, closing at 49330 yuan / ton at the end of the day, down 1.
54% daily, and the daily closing price hit a new low since March 28 this year, the current copper price is effectively running under the moving average group, and the short-term decline risk increases
.
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 6428-6354 US dollars / ton, of which as of 15:40 Beijing time, 3-month London copper reported 6391 US dollars / ton, down 0.
21% daily, the daily closing price hit a new low level since August 4, 2017, and London copper has fallen by 12.
5%
in the past four weeks.
In terms of holdings, as of July 3, the position of London copper was 317,000, a daily decrease of 2,366 lots, a decrease of three consecutive days, indicating that the investment atmosphere in the copper market is still relatively sluggish
.
On the macro front, the Asian dollar index fell under pressure and is now trading around 94.
3, down 1.
28% from this round of high of 95.
53, indicating that there is some selling pressure
above.
In addition, market panic rose
as Friday was the deadline for the U.
S.
government to impose tariffs on $34 billion of Chinese imports, and China said it would implement reciprocal retaliatory measures from the same day.
On the industry front, Codelco's Chuquicamata union is planning to go on strike within 15 days, and Chilean copper producer Codelco says dialogue is the only way
to resolve the dispute between Chuquicamata mine management and workers.
In terms of the market, overnight domestic and foreign base metals fell across the board, London copper fell below 6400 US dollars / ton, Shanghai copper fell below 50,000 yuan, down 1,000 yuan, morning market holders reported premium, good copper premium 20-30 yuan / ton, flat water copper near flat water, under the big fall, market caution rose, limited receipts, holders moved down limited, flat water copper gradually reduced to a discount of 20-10 yuan / ton, good copper maintenance premium 10-20 yuan / ton, trader activity declined, the plate showed no signs of stopping, the market was afraid of decline Although there are inquiries downstream, the number of orders entering the market is decreasing
day by day.
The market is low, and there is still room and willingness
for spot weekend premiums to rise slightly.
During the day, the Shanghai copper 1808 contract continued to fall to 49330 yuan / ton under pressure, effectively running below
the moving average group.
As the key juncture of the Sino-US trade dispute approaches, market panic soars
.
However, due to the recent continuous decline in copper prices, it has reacted to this bearish suppression, and it is necessary to be wary of the possibility of buying and selling expectations, that is, copper prices are facing strong technical rebound demand, and short-term short chasing needs to be cautious
.
It is recommended that the Shanghai copper 1808 contract can sell high and low between 49000-50100 yuan / ton, and the stop loss is 500 yuan / ton
each.
