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On Thursday, base metals collapsed again across the board, and bearish sentiment climbed
significantly.
The Shanghai copper 1810 contract once again jumped low and opened low, trading at 48350-47210 yuan / ton within the day, closing at 47580 yuan / ton at the end of the day, down 2.
58% on the day, and the daily closing price hit a new low
since July 14 last year.
In the external market, as of 16:03 Beijing time, the three-month London copper was reported at 5893 US dollars / ton, up 1.
07% on a daily basis, the first rise
in five trading days.
However, at present, copper prices have chosen to break down, and the downside is expected to be further opened
.
In terms of spot, on August 16, Shanghai electrolytic copper spot reported a premium of 80 yuan / ton - 130 yuan / ton for the monthly contract, and the transaction price of flat water copper was 47750 yuan / ton - 47970 yuan / ton
。 On the first trading day after the change of month, because the supply of goods is still tight, the sentiment of the holders is still high, the opening quotation is sharply raised to more than 100 yuan, because the rise is too high and it is difficult to have an actual transaction, traders reduce prices, the quotation of holders is reduced, good copper concentrated trading in the premium 120-130 yuan / ton, copper prices have broken down sharply, although some downstream into the market to replenish the low, but the market is afraid of falling sentiment, traders speculate cautiously, the transaction is general, Whether the high premium state can be sustained still needs to pay attention to the subsequent arrival of imported copper
.
On the news front, the Asian dollar index fell under pressure and is now trading around 96.
5, as the Turkish lira continued to stop falling and stabilize
.
At the same time, the Ministry of Commerce said that Sino-US trade talks are expected to start in late August, and the market risk aversion has improved
significantly.
In terms of industries, China's refined copper production in July fell 5.
7% month-on-month to 732,000 tons, up 11.
8% year-on-year, and total output from January to July was 5.
093 million tons, up 11.
6%
year-on-year.
Overall, intraday copper extended its decline and hit a new low for the year, and the short-term downward trend continued, mainly suppressed by the US dollar index hitting new highs for the year and the poor performance of China's economic indicators
.
At the same time, the delay in the strike of the two major copper mines in Chile also increased the risk
of copper prices falling.
Operationally, it is recommended that the Shanghai copper 1810 contract can be backed by 48500 yuan below the sky, the entry reference is around 48200 yuan, and the target is 47200 yuan / ton
.
