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On Wednesday, the main contract of Shanghai copper 1809 fell under pressure, trading at 48800-48130 yuan / ton during the day, and closing at 48260 yuan / ton at the end of the day, down 1.
13% on a daily basis.
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 70 yuan / ton, indicating that the willingness of forward contracts to fall increased
.
In the external market, Asia Lun copper continued to fall under pressure, trading range of 6180-6090 US dollars / ton, of which as of 15:15 Beijing time, 3-month Lun copper reported 6112 US dollars / ton, down 0.
79% per day, for four consecutive days, the daily closing price is still close to the low level
set on July 25, 2017.
In terms of positions, as of July 16, the position of London copper was 322,000, a daily decrease of 1,641 lots, indicating that copper prices have no intention of rebounding, and bulls have little confidence in bargain hunting
.
In terms of the market, on July 18, Shanghai electrolytic copper spot traded at a discount of 90 yuan / ton - 40 yuan / ton for the current month's contract, and the trading price of flat water copper was 48400 yuan / ton - 48500 yuan / ton
.
Morning holders quoted a discount of 100 yuan / ton, a discount of 100 yuan / ton of flat water copper by traders in seconds, with traders in flat water copper discount 90 yuan / ton, good copper discount 60 yuan / ton into the market to receive, flat water copper quotation quickly rising, market transaction active
.
In the second trading session, the quotation has risen to a discount of 70-40 yuan / ton, the transaction was slightly cooled down earlier, the transaction is now stable, and the wet copper quotation maintains a stable discount of 130-120 yuan / ton
.
After eleven o'clock, the holders again pulled a wave of price increases
.
The market temporarily stabilized, the market maintained high activity and trading volume led by the enthusiasm of traders to receive goods, and the downstream actively followed up, and the buying increased significantly compared with the previous day
.
Imported copper still has not seen an influx, supply may continue to remain tight, holders short-term gain the right to sell the voice, spot discount will continue to narrow
.
On the macro front, the Asian dollar index extended its overnight rally and is now trading at 95.
18, marking the second consecutive day of gains, mainly boosted by Powell's hawkish comments
.
Focus on US crude oil inventory data, as well as Eurozone CPI data
.
In terms of industry, it is reported that Rio Tinto's mine copper production in the second quarter was 156,800 tons, a year-on-year increase of 26%.
During the day, the Shanghai copper 1809 contract fell under pressure to 48260 yuan / ton, which was much weaker than zinc futures, mainly suppressed by the strong rebound of the US dollar index
.
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 48200-49000 yuan / ton, and the stop loss is 450 yuan / ton
each.
