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On Tuesday, the main contract of Shanghai copper 1808 opened 1000 points low to 52660 yuan / ton, then opened low and went low, trading at 52950-51590 yuan / ton during the day, and closing at 51680 yuan / ton at the end, down 3.
69% on a daily basis, basically giving up the gains since the end of May this year
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1807 contract and 1808 contract narrowed to 140 yuan / ton
.
In the external market, Asia Lun copper continued to fall under pressure, achieving four consecutive declines, of which as of 15:38 Beijing time, the three-month London copper was reported at 6868 US dollars / ton, down 1.
48% per day, and the cumulative decline in the past four days reached 5.
13%.
In terms of positions, as of June 14, the position of London copper was 346,000, a daily decrease of 1,472 lots, and the increase and decline of London copper positions showed that the difference between long and short increased, and the bears temporarily had an advantage
.
In terms of the market, on June 19, Shanghai electrolytic copper spot reported a discount of 170 yuan / ton - 110 yuan / ton for the monthly contract, and the transaction price of flat water copper was 52080-52420 yuan / ton
。 The financial market fell sharply across the board, Shanghai copper fell by more than 2%, copper prices fell to 52,000 yuan / ton, intraday month, the market for 1807 contract quotation discount narrowed, flat water copper discount about 160 yuan / ton, good copper discount about 120 yuan / ton, downstream bargain into the market replenishment of the buying interest has improved, consumer buying strength increased, so flat water copper price adjustment is limited, traders pressure good copper, a small amount of good copper can be reduced to a discount of 140-130 yuan / ton
.
Wet copper was smoothly traded at about 220 yuan / ton at a discount
.
The market is once again controlled by the power of bears, copper prices may not stop falling, if the low transaction is acceptable, spot discount will remain stable for a period of time
.
On the macro front, the Asian dollar index oscillated stronger and is now trading around 94.
9, maintaining a high level
.
In addition, the Shanghai Composite Index fell 3.
78% to 2907.
82 points, hitting a low since June 27, 2016, as the United States once again threatened to impose another $200 billion in new tariffs on China, causing panic in the domestic capital market
.
In the copper market, Chilean mining company Escondida said on Monday that it negotiated with the world's largest copper miner to negotiate a new labor contract, which will expire
on July 31.
During the day, the Shanghai copper 1808 contract jumped low and plunged to 52,660 yuan / ton, disrupting the rebound trend since the end of May this year, as the escalation of Sino-US trade frictions caused market panic to soar.
Short-term US-China trade war fears will continue to dominate market sentiment
.
It is recommended that the Shanghai copper 1808 contract can be backed by 53200 yuan below the sky, the entry reference is around 52850 yuan, and the target is 52300 yuan
.
