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On Monday, the main 1808 contract of Shanghai copper opened at 51370 yuan / ton, after the opening in the long position increase driven, copper price gradually jumped above the daily average of 51430 yuan / ton, the high to 51510 yuan / ton, but then under pressure on the 5-day moving average, copper prices maintained a narrow range of shock trend, afternoon bears concentrated into the market to put pressure, copper prices turned sharply down to around 51245 yuan / ton, after a short consolidation, London copper again fell sharply, low to 50950 yuan / ton, and then bears took profits one after another, copper prices recovered lost ground, It finally closed at 51210 yuan / ton, down 220 yuan / ton
.
In terms of the external market, London copper opened at 6630 US dollars / ton, at the beginning of the session, London copper hovered near the opening price, maintaining a narrow consolidation, consolidating the high to 6635.
5 US dollars / ton, in the afternoon, the dollar rose all the way, bears with positions poured in, London copper opened a downward mode, fell below the 6600 US dollars / ton support level, all the way down to the low level of 6550 US dollars / ton, after entering the European and American session, the US dollar high gave up part of the gains, London copper stopped falling and stabilized, repaired upward, recovered some lost ground, as of 17:33, London copper reported 6593 US dollars / tons
.
In terms of the market, Shanghai copper is under pressure, entering July, the willingness of holders to eagerly raise prices is highlighted, the morning quotation raised copper narrowed to a discount of about 60 yuan / ton, flat water copper quotation discount of 120 yuan / ton, but the market recognition is low, it is difficult to have a transaction
.
On the first trading day of July, although the spot tends to narrow the trend of discount, but the holders are too hasty, so that the overall market supply and demand stalemate today is highlighted, if the discount is slightly expanded, there is still a certain speculative attraction for some traders, especially the source of goods that can make warehouse receipts, the favor is still high
.
In the afternoon session, the price of the market fell sharply, the willingness of holders to hold prices was further enhanced, the discount narrowed slightly, it was difficult for traders to have room to reduce prices, and it was still difficult to improve
downstream buying.
In terms of stocks, as of June 29, COMEX copper stocks 223981 short tons, down 2 tons from the previous day; LME copper stocks were 294525 tonnes, down 3,725 tonnes from the previous day; As of July 2, SSE futures inventories were 141071 tons, down 1,758 tons
from the previous session.
At present, the uncertainty of the macro and the weak downstream demand, the spot maintains a large discount structure, it is difficult to boost the copper price bulls, the strong dollar makes London copper even more suppressed, and the technical support is slightly weak
.
The main force of Shanghai copper is entangled near
the early shock platform.
The news at the copper mine end is calm, and copper prices lack a favorable boost, and it is expected to remain weak and volatile
in the short term.
FYI
.
