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Overnight, the Shanghai copper 1609 contract opened at 37770 yuan / ton, after the opening by London copper, the short low position reduction pushed the copper price back above the 20-day line, the highest to 38090 yuan / ton, and then the bulls reduced their positions at the high, and the copper price fluctuated back
.
Finally, Shanghai copper closed at 37950 yuan / ton, up 140 yuan / ton
.
Overnight, Shanghai copper opened low and went high, the favor of copper plate funds was low, and it fell into a dilemma, and the overall view was maintained on the bears, and Shanghai copper was expected to operate
within 37750 yuan / ton to 38150 yuan / ton.
Spot: On July 26, Shanghai electrolytic copper spot reported a discount of 40-30 yuan / ton, and the transaction price of flat water copper was 37620-37760 yuan / ton
.
At the opening, some traders were more enthusiastic about buying good copper and good flat water copper due to the demand for long-term order replacement, and the premium was passively pushed up
.
However, the downstream maintained a wait-and-see when the market fell, waiting for the pleasant price, so wet copper and poor flat water copper continued to lack interest, and the discount was difficult to follow the narrowing
.
Near the end of the month, the exchange of long trade orders is nearing the end, trade flow will gradually decrease, and it is difficult to improve transactions
.
In terms of stocks: As of July 22, the previous Shanghai copper inventory reported 174971 tons, down 2,228 tons from last week, close to the year's low of 155235 tons, and far below the average inventory value of 256613 tons
during the year.
The main oscillation of Shanghai copper strengthened to 37,950 yuan / ton overnight, as the US new home sales data was stronger than expected, indicating that its real estate market continued to recover, and the current Shanghai copper is still running above the moving average group, and the rebound pattern remains good
.
It is recommended that the Shanghai copper 1609 contract can be cautiously long above 37,500 yuan, with a target of 38,500 yuan
.
