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On Thursday, the Shanghai copper 1609 contract opened at 37120 yuan / ton, long and short competition after the opening, early bulls tried to pull up copper prices, once touched 37290 yuan / ton, but slightly weak, copper prices around 37200 yuan / ton consolidated, with the US index rebound, the early accumulation of long profits outflowed sharply, copper prices fluctuated downward, at 36910 yuan / ton closed at the doji.
On the macro front, the central price of the renminbi was lowered again, with the central price at 6.
6857, a depreciation of 263 points, continuing to hit a new low
in nearly six years.
Domestic economic data for June is about to be released
.
The market expects that the year-on-year growth rate of CPI in June will decline slightly from the previous month, at about
1.
8%.
At the same time, the slowdown in demand has suppressed the price of industrial products in the short term, and the recovery of PPI is expected to weaken.
In terms of the market, Shanghai copper fell below 37,000 yuan / ton after rebounding, opening good copper premium 50-60 yuan / ton, flat water copper premium 40 yuan / ton, downstream copper prices fell and purchased, so that holders are reluctant to sell
low premium sources.
In the afternoon, copper prices fell again to 37,000 yuan / ton, the premium quotation remained stable at 50-90 yuan / ton, the transaction price fell to 37030-37230 yuan / ton, traders bought at the dip to rebound, and the holders now raised the price wind, the overall activity increased compared with before, but it was difficult to find a low-price source
.
The supply and demand tug-of-war is obvious
.
In terms of industry, Minmetals Resources Co.
, Ltd.
("MMG"), a subsidiary of Minmetals, announced that the Las Bambas copper mine in Peru ("Bombas Copper Mine") entered commercial production
on July 1 on schedule.
Chile's copper production in May was 473,000 tons, down 6.
8% from last year, due to declining ore taste; Chile's copper production from January to May this year was 2.
298 million tons, down 5.
3%
from last year.
On the whole, the continued depreciation of the RMB is good for copper prices, the fundamentals have not changed much, but the recent capital bearish counteroffensive, spot premium has weakened may affect the essence of the rebound or reversal, the probability of the US dollar interest rate hike in July is minimal, in the medium and long term, copper gradually ushered in a new demand season in September, does not rule out that enterprises gradually have stock demand at low prices, copper prices have not yet left the previous shock range in the near future, whether it can break through the previous high needs to wait and see
.
