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On Monday, the main 1809 contract of Shanghai copper in the morning market opened at 49570 yuan / ton, after the opening, bulls' confidence immediately poured in, following the rise of London copper, the center of gravity of copper prices moved up to 49850 yuan / ton, and the shock ran in the range of 49700-49900 yuan / ton
.
After the noon open, the signs of rally were highlighted again, long positions were replenished, and the center of gravity of copper prices rose to 50,000 yuan / ton, touching 50,080 yuan / ton
.
On the external side, on Friday night, the dust of the trade war basically settled, market nervousness eased, and the dollar weakened
.
On Monday, London copper opened high at $6329 / ton, quickly broke through the mark of $6400 / ton after the open, and the shock was sorted out until
noon.
In the afternoon, the dollar continued to weaken, boosting Lun copper to continue to rise, rushing to a high of $6438 / ton, and then giving up some of the gains to 6385 US dollars / ton.
As of 17:00, London copper was trading at $6,390 / ton
.
In terms of the market, Shanghai copper stopped falling and rebounded, and after the morning session opened high, it stabilized above 49500 yuan / ton, and the holders enthusiastically quoted a discount of 10 ~ 30 yuan / ton, but due to the large number of shipments, good copper adjusted to 10 ~ 20 yuan / ton, flat water copper discount of about 20 yuan / ton, the transaction has improved
.
Traders shipped a large number of goods, due to the close delivery within the week, the price spread of the next month temporarily maintained around 100 yuan, trade speculation space is limited, trade activity has not been significantly improved, the market supply is abundant, but the holders maintain a strong price, the characteristics of supply and demand tug-of-war appear again, and the transaction market conditions highlight the characteristics
of Monday.
In terms of stocks, as of July 6, COMEX copper stocks 222656 short tons, down 145 tons from the previous day; LME copper stocks were 275475 tonnes, down 3,525 tonnes from the previous day; As of July 9, SSE futures inventories were 136896 tons, down 2,408 tons
from the previous session.
During the day, copper prices easily broke through the two integer marks and rose back to 50,000 yuan / ton
.
The country's foreign exchange savings rose slightly by US$1.
5 billion, the pressure of RMB outflow and depreciation has eased, the domestic economy is basically stable, market confidence has recovered, and it is expected to repeatedly test the first-line support capacity
of 50,000 yuan / ton.
Whether it can jump to the 5-day moving average in the short term, pay attention to the initiative and scale of bulls entering the market, as well as the guidance
of London copper.
