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Overnight, the Shanghai copper 1609 contract opened high at 37880 yuan / ton, after the opening of the bulls slightly pulled up the copper price, then reduced the position and fell, and then driven by the strong trend of the external market, the copper price high touched 38040 yuan / ton, after touching the 10-day line, the bulls reduced their positions, and the copper price fell back below the 20-day line, and the low was 37750 yuan / ton
.
Finally, Shanghai copper closed at 37,800 yuan / ton, up 100 yuan / ton
.
Overnight Shanghai copper rushed back down, still maintained a wide range of shock, there is support under pressure, today Shanghai copper is expected to operate
within 37650 yuan / ton to 38050 yuan / ton.
In terms of market: on July 28, Shanghai electrolytic copper spot reported a discount of 20-liter water 70 yuan / ton, and the transaction price of flat water copper was 37650-37730 yuan / ton
.
Open good copper report premium 60-70 yuan / ton, flat water copper report discount 20-liter 10 yuan / ton, downstream to keep wait-and-see, traders continue to maintain favor of good copper and cost-effective flat water copper, which makes good copper and cost-effective flat water copper premium remain firm
.
Near the end of the month, the holders are not in a hurry to exchange cash, so the supply and demand are deadlocked, and the activity of copper trading is further reduced
.
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.
Overnight, the main force of Shanghai copper rushed back down to 37,800 yuan / ton, weaker than other base metals, the current market is focused on China's July manufacturing PMI to be released next week, is expected to be flat from June, and the short-term dollar index is prone to fall and difficult to rise, or bring some support, the copper market operation ideas are more
cautious.
It is recommended that the Shanghai copper 1609 contract can be cautiously held above 37400 yuan, and the target is 38500 yuan
.
