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Overnight, the Shanghai copper 1609 contract opened at 36960 yuan / ton, after the opening copper price rose to around 37100 yuan / ton driven by bulls, and then due to the plunge of copper and crude oil, it was as low as 36460 yuan / ton, and stabilized and rose
at the end of the day.
Finally, Shanghai copper closed at 36580 yuan / ton, down 470 yuan / ton
.
Overnight Shanghai copper fell sharply, standing above the 20-day moving average, the trend is stronger than the external market, and Shanghai copper is expected to run
within 36550 yuan / ton to 36950 yuan / ton today.
In terms of market: on July 7, Shanghai electrolytic copper spot reported a premium of 40-90 yuan / ton, and the transaction price of flat water copper was 37170-37240 yuan / ton
.
At the opening, copper was reported as a premium of 50-60 yuan / ton, and flat water copper was 40 yuan / ton, but due to the sharp drop in copper prices downstream, it made holders reluctant to sell
low-premium sources.
After 9:30, the current copper premium began to rise
.
After 11 o'clock, spot trading began to cool, but the premium was still firm
.
The intraday good copper market is highly favored, and the characteristics of supply and demand tug of war are obvious
.
Stocks: As of July 1, Shanghai copper stocks in the previous period reported 161894 tons, an increase of 6,659 tons from last week, the first increase in 15 weeks, in addition, copper stocks in the previous period fell for 14 consecutive weeks, a cumulative decrease of nearly 240,000 tons, close to the year's low of 155235 tons
set last week.
Overnight Shanghai copper main force under pressure continued to fall to 36580 yuan / ton, the support below M60 is temporarily effective, up to now this week Shanghai copper main contract has accumulated a pullback of 1.
93%, pullback demand has been released, the current market focuses on today's US non-farm payrolls data, long and short operations are cautious
.
It is recommended that the Shanghai copper 1609 contract can be sold high and low between 36300-37200 yuan, and the stop loss is 350 yuan / ton
each.
