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On Tuesday, the Shanghai copper main 1808 contract continued its weak and volatile trend, losing the support of the 60-day moving average, closing at 51630 yuan, down 0.
44%.
The trading volume of the Shanghai Copper Index increased by 10,470 lots to 351,000, and the position increased by 2,004 lots to 663,000 lots
.
The top 20 domestic long positions in the Shanghai copper 1808 contract reduced their holdings by 295 lots to 58297 lots; The top 20 domestic positions increased their holdings by 23 lots to 63,671
.
In terms of the market, the spot price of Shanghai electrolytic copper for the current month was reported at a discount of 200 yuan / ton - 130 yuan / ton, the transaction price of flat water copper was 51030 yuan / ton - 51200 yuan / ton, and the transaction price of premium copper was 51070 yuan / ton - 51250 yuan / ton
.
In terms of stocks, as of June 25, COMEX copper stocks 225572 short tons, down 541 tons from the previous day; LME copper stocks were 305525 tonnes, down 450 tonnes from the previous day; As of June 26, SSE futures inventories were 142347 tons, up 697 tons
from the previous day.
In terms of industry, BMI Research expects DRC copper production to nearly double
over the next 10 years, driven by continued investment, high-quality ore reserves and rising prices.
Congo will increase copper production to 1.
9 million tonnes by 2027, compared with 1 million tonnes
a year now, as higher copper prices lead to increased production from new projects.
However, with the recent increase in the mining tax on copper from 2% to 3.
5% by the Ministry of Mines, it is expected to increase costs for miners
.
On the news front, the overnight trade crisis has escalated again, and the trade war between the United States and its trading partners may dampen global economic growth
.
There are reports that the United States is working on plans to prevent companies with at least 25 percent Chinese equity from acquiring U.
S.
companies
that adopt industry-changing technologies.
Although the news of China's central bank's targeted RRR cut last Sunday once supported market sentiment, the positive news did not ease market caution
.
In addition, the consumption off-season coupled with the financial shortage at the end of the half year made the downstream performance weak, and the threat of strike at the Chuquicamata copper mine in Chile has not affected the market for the time being, pay attention to its subsequent development
.
It is expected that under the dominance of macro bearishness, short-term copper prices will continue to fluctuate
weakly.
FYI
.
