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Friday morning Shanghai copper main 1810 contract opened at 49850 yuan / ton, early long positions slightly increased, copper prices along 49930 yuan / ton narrow range oscillation, noon, short long exit, the dollar broke the 96 mark, base metals fell across the board, after the midday open, Shanghai copper was affected to jump low open, bulls reduced their positions a lot, straight down to 49410 yuan / ton, the end of the session rose slightly to 49530 yuan / ton shock operation, closed at 49600 yuan / ton, down 110 yuan / ton
.
In terms of external trading, London copper opened at 6199 US dollars / ton, slightly rose at the beginning of the session, along the daily moving average narrow range oscillation, noon dollar rose sharply to break through the 96 integer mark, London copper under pressure straight down, along the 6155 US dollars / ton line after a short hover, continued to fall to the intraday low of 6126.
5 US dollars / ton, bargain buying helped a slight recovery, as of 18:00, London copper reported 6160 US dollars / ton
.
The dollar rose sharply during the day, base metals took a sharp turn, and the 5-day moving average of London copper lost
.
Pay attention to the US July CPI year-on-month data and pay attention to the performance of the US dollar
.
In terms of the market, the center of gravity of Shanghai copper operation continues to slowly move up, the morning market holders quote a premium of 30~60 yuan / ton, good copper can be pressed to a premium of 50 yuan / ton, buying is acceptable, flat water copper wants to top the price, but as some traders lower the price of flat water copper to 20 ~ 30 yuan / ton, the transaction is gradually driven
.
The intraday market inquiry atmosphere is active, the low-premium supply is still attractive, and the proportion of trade speculators entering the market is still dominated
by market transactions.
The next month spread determines the premium range before next
week's delivery.
In the afternoon, the market fell, the downstream bargain buying increased, the price spread widened to about 90 yuan / ton in the next month, speculative space attracted traders to take the initiative to trade, the premium rose slightly from the morning, flat water copper rose 30 ~ liter 50 yuan / ton, good copper reported 60 ~ liter 80 yuan / ton, the afternoon transaction price was 49480 yuan ~ 49580 yuan / ton
.
In terms of news, the prospect of strikes from copper mines such as Escondida in Chile is becoming more and more imminent, forming some support for copper prices, but the strong US dollar and Sino-US trade tensions continue to suppress, and it is not easy
for copper prices to rise in the short term.
The current sudden strengthening of the dollar has severely dampened the rebound of nonferrous metals, the recovery of the U.
S.
economy beyond expectations and the slowdown of the Chinese economy, the escalating trade dispute with the United States and the fear of the depreciation of the renminbi have weakened the market's sentiment, the future market looks at China's economic data is relatively healthy, the benefits of infrastructure are continuing to ferment, nonferrous metals are in the stage of shock and bottoming, and copper and other varieties with macro sensitivity and strong internal and external linkage continue to see more and less action is appropriate
.
