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LME copper retreated from its high on Wednesday, and as of 15:05 Beijing time, the three-month London copper was reported at $5793.
5 / ton, down 0.
86%
on the day.
The main 1910 contract of Shanghai copper fell back, with the highest 46960 yuan / ton and the lowest 46480 yuan / ton within the day, and the closing price of 46580 yuan / ton, up 0.
04% from the closing price of the previous trading day; The trading volume was 20.
33 lots, an increase of 107,000 lots per day, and the position was 237,300 lots, an increase of 8,866 lots
per day.
The basis was expanded to -60 yuan/ton; The price difference of Shanghai copper in 1909-1910 remained at -60 yuan / ton
.
Market focus: The leaders of the high-level economic and trade consultations between China and the United States made solemn representations on the issue of tariffs on Chinese exports to the United States on September 1, and agreed to call
again in the next two weeks.
US CPI rose 0.
3% m/m in July, in line with expectations; July CPI rose 1.
8% y/y, 1.
7% expected; Core CPI rose 2.
2% y/y versus 2.
1%
expected.
A spokesman for the operator of Peru's port of Matarani said on Tuesday that the port had resumed copper exports as protests against mining over the weekend blocked activities on critical infrastructure in the country's southern copper belt
.
Spot analysis, on August 14, spot 1# electrolytic copper quotation 46600-46680 yuan / ton, the average price of 46640 yuan / ton, up 85 yuan / ton
from the previous trading day.
Holders in the morning quotation premium 30-60 yuan / ton, the next month price difference widened to around 90 yuan / ton, the holder is unwilling to lower the quotation, spot quotation performance to maintain stability, good copper transaction restrictions, flat water copper price strong, the price difference narrowed significantly, the price difference between varieties is only 10-20 yuan / ton range, delivery is imminent, the market quotation will guide the market according to the
change of delivery factors and basis.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 76,381 tons on Wednesday, a daily increase of 175 tons; On August 13, LME copper stocks were 272,550 tons, down 800 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 73062 lots, with a daily increase of 2204 lots, short positions of 86861 lots, a daily increase of 3014 lots, a net short position of 13799 lots, a daily increase of 810 lots, long and short increases, and net space increases
.
On August 14, the main force of Shanghai copper 1910 rushed back down
.
The high-level call between China and the United States eased market pessimism, while upstream supply concerns eased slightly, and downstream copper prices rebounded, which was positive for copper prices, but midstream copper inventories tended to increase, the dollar strengthened, and the downward pressure on the global economy still existed, putting pressure
on copper prices.
In terms of spot, the holder quoted a premium of 30-60 yuan / ton in the morning, the holder was unwilling to lower the quotation, the spot quotation performance remained stable, the transaction of good copper was limited, the price of flat water copper was strong, and the price spread narrowed significantly
.
Technically, the Shanghai copper main 1910 contract is long and the upper shadow, and there is pressure above 47000, and the short-term shock is expected to be bearish
.
