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Overnight, the main 1708 contract of Shanghai copper opened at 46290 yuan / ton
.
At the beginning of the session, copper prices fluctuated in a narrow range around the daily moving average, and then the bulls closed their positions in profit, and the copper price fell below the 60-day moving average, with a low of 45,920 yuan / ton, closing at 46,000 yuan / ton, down 340 yuan / ton, and the position decreased by 598 hands to 223616 lots
.
Shanghai copper also fell overnight, and the bulls took profits, and it is expected that today's high will consolidate at 45900~46250 yuan / ton
.
In terms of the market, as of 2017-6-12, the spot price of Shanghai metal 1# copper is 46280 yuan / ton, up 560 yuan / ton from the previous day, and the premium of 130 yuan / ton compared with the near-month contract, Shanghai copper continues to rise sharply, the hedging disk is further trapped, the holders want to pull up the current copper premium to make up for the loss, helpless market trading is dismal, coupled with some speculative sources to sell and ship at low prices, the current copper premium narrows, the middleman has not seen obvious entry into the market, the downstream is on the copper price rebound wait-and-see attitude, the market shows
。
On the supply side, the Freeport and the Indonesian government are currently negotiating
a new agreement.
Although the ongoing Grasberg copper strike has reduced the mine's mining rate and beneficiation rate, copper concentrate shipments have not been affected, and production is expected to be the same as 16 years in the first quarterly report, and it will be interesting to see whether this forecast will be revised
.
In general, the supply side has not yet ushered in the outbreak point, and the short-term impact is limited
.
On the demand side, due to the reduction in imports and the large maintenance of smelters, coupled with the high consumption in May and June, domestic inventories continued to decrease, but the speed of destocking did not exceed expectations
.
