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On Tuesday, the main contract of Shanghai copper 1809 oscillated around 48800 yuan / ton, intraday trading at 49160-48510 yuan / ton, the end of the day closed at 48810 yuan / ton, up slightly 0.
18% per day, the current copper price is still valid under the moving average group, the technical pattern is bearish
.
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 remained slightly to 120 yuan / ton
.
In the external market, the Asian market London copper oscillation rose slightly, trading in the range of 6188-6261 US dollars / ton, of which as of 16:04 Beijing time, the three-month London copper was reported at 6232 US dollars / ton, up 0.
65% per day, and the daily closing price was still close to the low level
set on July 25, 2017.
In terms of positions, as of July 13, the position of London copper was 323,000, an increase of 508 lots per day, indicating that after the copper price continued to decline, the long-short divergence increased
.
In terms of news, the Escondida union rejected BHP's offer, and the company's quotation is only valid until July 17, the divergence has increased, the possibility of a strike has increased, and concerns from the supply side may boost copper prices, which are expected to fluctuate strongly in the near future
.
In terms of the market, on July 17, Shanghai electrolytic copper spot reported a discount of 140 yuan / ton - 80 yuan / ton for the contract of the month, and the transaction price of flat water copper was 48680-48760 yuan / ton
.
On the first trading day after the change of month, due to the continuous closure of the import ratio, the amount of imported copper entering the market was limited, the quotation of the holder was firm, the morning market inquiry was active, and the quotation of the holder was discounted by 140-100 yuan / ton, attracting traders to lead the market to receive goods, and the transaction was active
。 In the second trading session, in the positive atmosphere of the transaction, the holders collectively raised the quotation, flat water copper reported to a discount of about 120 yuan / ton, good copper quotation discount of about 90 yuan / ton, wet copper held to the discount of about 160 yuan / ton, the market has been difficult to find a low-priced source, the transaction earlier market has been suppressed, but in order to buy cash selling period traders to receive goods willingly, intraday traders as the leader, the overall market transaction picked up, but the downstream still maintain just need to buy
.
In terms of industry, it is reported that as of July 9-15, the spot processing and refining fee of imported copper concentrate by Chinese smelters was 83-90 US dollars / ton and 8.
3-9.
0 cents / pound, unchanged
from the previous week.
During the day, the Shanghai copper 1809 contract oscillated to 48810 yuan / ton, as some Chinese economic indicators showed that the domestic economic growth rate may further slow down, while Sino-US trade war worries remained, weighing on bulls' confidence
.
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 48500-49500 yuan / ton, and the stop loss is 450 yuan / ton
each.
