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Overnight, the Shanghai copper 1609 contract opened at 38530 yuan / ton, after the opening of the bulls drove a slight climb to a high of 38710 yuan / ton, then the bears smashed the market, copper prices fell back to 38270 yuan / ton, and then the bears partially covered the copper price to above the daily moving average, and fell again at the end of the day
.
Finally, Shanghai copper closed at 38390 yuan / ton, down 80 yuan / ton
.
Overnight Shanghai copper probe low recovery, the air force gradually strengthened, bulls and fight and retreat, the upward trend has not changed, it is expected that Shanghai copper today will operate
within 38200 yuan / ton to 38700 yuan / ton.
Market: On July 14, Shanghai electrolytic copper spot reported a discount of 80-liter water 30 yuan / ton, and the transaction price of flat water copper was 38240-38440 yuan / ton
.
On the supply side, holders have increased their shipments at high prices, taking the initiative to reduce the discount price, although the downstream is afraid of high copper prices, but forced by the demand for replenishment, a small amount of the market to buy
on demand.
Tomorrow is the last trading day before closing, and it is expected that the copper discount is completely close to the
basis.
In terms of stocks: as of July 8, the previous period of Shanghai copper stocks reported 162,130 tons, an increase of 236 tons from last week, the second consecutive week of increase in 16 weeks, after the previous copper stocks fell for 14 consecutive weeks, a cumulative decrease of nearly 240,000 tons, close to the year's low of 155235 tons
.
The main oscillation of Shanghai copper fell to 38390 yuan / ton overnight, but in view of the market's still loose expectations for China's monetary policy, and the effective upward breakthrough of copper prices at the beginning of this week, the long sentiment has not been fully released, and the short-term copper market maintains a long idea
.
It is recommended that the Shanghai copper 1609 contract can be backed above 37800 yuan to bargain hunt, the entry reference is around 38200 yuan, and the target is 39300 yuan
.
