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On Wednesday, Shanghai copper opened high, the main monthly 1807 contract opened at 52370 yuan / ton, the highest intraday 53170 yuan / ton updated the three-month high, the lowest 52330 yuan / ton, settled 52780 yuan / ton, closed 53090 yuan / ton, up 1020 yuan, or 1.
96%.
In terms of external trading, London copper is more affected by Shanghai copper, and the overall trend is similar, and the bulls have increased their positions in large quantities
.
In the afternoon, LME copper stocks fell by 2550 tons again, showing a continuous decline this week, coupled with the continued weakening of the US dollar, investors are enthusiastic, and it is expected to test the 7150 US dollars / ton line
.
In terms of spot, Shanghai electrolytic copper spot reported a discount of 60 yuan / ton - flat water for the current month's contract, the transaction price of flat water copper was 52520 yuan / ton - 52580 yuan / ton, and the transaction price of premium copper was 52550 yuan / ton - 52620 yuan / ton
.
The intraday discount has expanded, and holders have lowered their quotations to sell, but the downstream performance is cautious, and the market is dominated
by traders.
Salary negotiations at the world's largest copper mine may interfere with global copper market supply to support copper prices, but the world's largest copper consumer, China's downstream market, shows signs of slowing down, which may limit the upside of copper prices, and it is expected to be volatile at high levels
.
Industry News:
1.
Recently, the DRC court ruled that it will continue to hear Jecumin's request to dissolve Glencore's Kamoto project
.
Jacamin alleges that Glenone failed to address the capital shortage of the project's operators, with Kamoto's total debt reaching $9.
2 billion at the end of '17.
Kamoto copper and cobalt ore are Glencore's most important increments in the next two years, and Glencore expects the project capacity to reach 300,000 tons of copper and 34,000 tons of cobalt by 2019, and legal disputes have clouded
the project's prospects.
2.
On June 5, the Central Sixth Environmental Protection Supervision Group held a mobilization meeting for Yunnan Province to carry out "looking back" work
.
At present, according to the arrangement, the inspectors of the Central Environmental Protection Supervision Group will be stationed for one month
.
Occupancy period (June 5 - July 5, 2018).
It is understood that as of the 5th, the environmental protection inspection team has settled in 10 provinces
across the country.
In the near term, the dollar has declined, macro risks have cooled, and the center of gravity has risen
again, benefiting from the impact of potential supply.
At the same time, due to copper's recent bullish expectations, attention has increased, and today's Shanghai copper index increased by 27,000, and it is expected that short-term copper prices will maintain a strong trend of volatility
.
FYI
.
