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Overnight, the main force of Shanghai copper opened slightly higher at 47360 yuan / ton, and some bulls reduced their positions at a high level, causing the main center of gravity of Shanghai copper to fall slightly to 47280 yuan / ton line, as the trading volume weakened, the main center of gravity of Shanghai copper maintained a consolidation operation
of 47300 yuan / ton.
It closed at 47,300 yuan / ton, up 90 yuan / ton
.
The trading volume of the main contract was around 71,000 lots, and the position increased by 1,144 lots to 203,000 lots
.
This morning, pay attention to China's June import and export data, some metals wait for the guidance of import and export data, Shanghai copper 1709 contract technical pullback demand, intraday or run at 47200-47500 yuan / ton
.
In the spot market, the discount material is maintained at 60 yuan / ton to flat water
.
In terms of data, today we will focus on China's June trade balance and the US June PPI annual rate
.
Domestically, China's June M2 money supply release came in at 9.
4%, lower than the previous reading and expectations
.
China's June CPI was 1.
5% year-on-year, 1.
6% expected, and 1.
5%
previously.
China's June PPI was 5.
5% year-on-year vs.
5.
5% expected vs.
5.
5% prior, CPI was lower than market expectations, and inflation data remained at a more moderate level
.
In terms of the market, as of 2017-7-12, the spot price of Shanghai metal 1# copper is 47110 yuan / ton, up 435 yuan / ton from the previous day, and the premium of the recent month contract is 90 yuan / ton, Shanghai copper rose sharply, the morning market holders took the initiative to reduce the premium and strive to exchange cash at the high, the large discount source attracted some traders to receive goods, copper prices are high, downstream just need to buy is also cautious, today's market transactions are mostly traders as a trader, the transaction first rises and then suppresses
.
