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On Tuesday morning, the Shanghai copper main 1809 contract opened at 49310 yuan / ton, slightly lower at the beginning of the session, to the low of 49200 yuan / ton, the low rebounded, bulls increased positions, copper prices fluctuated upward, noon along the 49340 yuan / ton line of a brief consolidation, the dollar retreated
.
Subsequently, the bulls continued to replenish their positions, and the copper price climbed up to a high of 49,600 yuan / ton, stopping at 50,000 yuan / ton
.
At the end of the session, short and many exits, copper prices fell slightly, closing at 49480 yuan / ton, up 100 yuan / ton, currently around the 20-day moving average
.
In terms of external trading, London copper opened at 6114 US dollars / ton, and at the beginning of the session it oscillated along the daily moving average, with an amplitude of 20 US dollars / ton, and then briefly consolidated
along the 6130 US dollars / ton line.
In the afternoon, the dollar retreated, bulls increased positions, copper prices fluctuated upward, touching a high of $6182 / ton, but blocked at the $6200 / ton integer mark, rushing back to the back, climbing up again, as of 17:20, London copper reported 6171.
5 US dollars / ton
.
In terms of the market, the domestic spot copper price fell slightly during the day, and the Guangdong spot 1# copper price was reported at 49320 yuan / ton, down 50 yuan; Yangtze River spot 1# copper price reported 49320 yuan / ton, down 40 yuan, premium 130 - premium 150; Shanghai spot 1# copper price was 49295 yuan / ton, down 5 yuan / ton
.
In the spot market, the premium continued to rise, the supply of goods was tight, traders were afraid of high inquiries and few inquiries, and the overall transaction situation was average
.
In terms of news, BHP Billiton said on Monday that it had formally applied for government intervention to mediate a dispute with the Escondida copper miners' association in order for the union to delay the strike, and internal union documents showed that labor and management, government mediators will meet on Tuesday and negotiations will continue until August 13, if no agreement is reached by then, the strike will begin
on August 14.
Escondida is the world's largest copper mine, and expectations of a strike on it support copper prices; However, affected by the intensification of the Sino-US trade war, concerns about demand from China, the world's largest copper consumer, still linger, and short-term copper prices may still repeat.
