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On Monday, the main contract of Shanghai copper 1809 oscillated rebound, intraday trading at 49170-48600 yuan / ton, the end of the day closed at 49020 yuan / ton, up 0.
88% per day, the current copper price for more than a week into a low oscillation, indicating that its long and short trading tends to be cautious
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near, low, far high, and the positive price difference between Shanghai copper 1808 contract and 1809 contract widened to 60 yuan / ton
.
In the external market, Asian Lun copper fluctuated in a narrow range around 6160 US dollars / ton, trading range of 6181-6118 US dollars / ton, of which as of 15:36 Beijing time, the three-month London copper was reported at 6161 US dollars / ton, up 0.
17% per day, and the daily closing price was still close to the low level
set on July 24, 2017.
In terms of positions, as of July 18, the position of London copper was 315,000, an increase of 2,459 lots per day, indicating that copper prices have declined and the long and short divergence has increased
.
In terms of the market, on July 23, Shanghai electrolytic copper spot contracts reported flat water - premium water 50 yuan / ton, flat water copper trading price of 48660-48760 yuan / ton
.
Morning market quotation good copper continued to support the premium 50 yuan / ton, flat water copper quotation premium 10 yuan / ton, the market wait-and-see, buying is not good, good copper was the first to be pressed to the premium 30-40 yuan / ton, flat water copper price reduced to near flat water, trade speculation atmosphere is still not good, downstream on-demand procurement, wet copper discount maintained around 50 yuan / ton, market transactions are still mostly monthly long single transactions, Monday stalemate characteristics are prominent
.
Last week, the import window was opened, and over the weekend, imported copper was put into storage, the supply of goods increased, and the rise and fall of the future market premium is closely related to inventory and capital pressure, paying attention to the willingness of holders to ship for cash
.
On the macro front, the Asian dollar index extended Friday's decline and is now trading at 94.
265, marking the second consecutive day
of decline.
On Friday, US President Donald Trump threatened to impose tariffs on all $500 billion of Chinese imports, deepening concerns about the escalation of the Sino-US trade conflict, focusing on existing home sales in the United States in June and the preliminary consumer confidence index of the eurozone in July
.
In terms of industry, Chinese customs data show that copper scrap imports in June were 200,000 tons, down 10,000 tons month-on-month, and the cumulative import of copper scrap from January to June was 1.
15 million tons, down 37.
8% year-on-year, the lowest level in the same period since 1999, indicating that the effect of domestic copper scrap import policies has appeared, or will increase the import
of refined copper substitutes.
During the day, the Shanghai copper 1809 contract rebounded to 49020 yuan / ton, mainly boosted by the decline in the US dollar index
.
At the same time, after copper prices continue to fall, it is still facing the demand for technical rebound, and it is recommended that the Shanghai copper 1809 contract can sell high and low between 48800-49500 yuan / ton, and the stop loss is 450 yuan / ton
each.
