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As of 15:00 Beijing time, the three-month London copper was reported at $5992 / ton, down 0.
12%
on the day.
The main 1909 contract of Shanghai copper fluctuated slightly, with the highest intraday 47160 yuan / ton, the lowest 46960 yuan / ton, and the closing price of 47020 yuan / ton, down 0.
15% from the closing price of the previous trading day; The trading volume was 98330 lots, and the daily decrease was 68188 lots; The position was 246,000 lots, a daily decrease of 4,564 lots
.
The basis was expanded to -10 yuan/ton; The price spread of Shanghai copper from 1909 to 1910 narrowed to -80 yuan / ton
.
Market focus: The preliminary Markit manufacturing PMI in the United States in July was 50, the lowest since September 2009, 51 expected, 50.
6
previously.
At 19:45 Beijing time on Thursday, the European Central Bank will announce its interest rate decision, and in the face of weak eurozone economic data, the European Central Bank is widely expected to release dovish signals and even cut interest rates at this
week's meeting.
Copper production jumped 22% in the second quarter of Antofagasta, Chile, as the company maintained its annual production outlook unchanged
, helped by the taste of premium ore at the Centinala mine.
Spot analysis: On July 25, spot 1# electrolytic copper was quoted at 46970-47050 yuan / ton, with an average price of 47010 yuan / ton, up 5 yuan / ton
from the previous trading day.
The market basically maintained the previous day's quotation, traders are interested in buying near Pingshui, if there is a low-priced source of goods can still attract traders to buy, downstream enterprises maintain rigid demand
.
The long order transaction is basically nearing the end, the last day of the market and there is no large fluctuation, the spot price is basically flat, the entire market trading is general, the transaction is still in a deadlock, and it may be difficult to maintain a full premium after the end of the long order
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,816 tons on Thursday, an increase of 1,247 tons per day; On July 24, LME copper stocks stood at 295,000 tonnes, an increase of 1,625 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 74008 lots, minus 951 lots per day, short positions are 89781 lots, daily minus 2213 lots, net short positions are 15773 lots, daily minus 1262 lots, long and short are reduced, net space is reduced
.
During the day, the main force of Shanghai copper 1909 fluctuated slightly
.
The pound and the euro weakened and bullish the dollar, but the US PMI data for July performed poorly, the dollar fluctuated, copper processing fees TC weakened, copper mine supply concerns rose, supporting copper prices, but the global economic data performed poorly, market pessimism heated up, coupled with downstream weakness, copper price pressure increased
.
In terms of spot, the market basically maintained the previous day's quotation, traders are interested in buying near Pingshui, if there is a low-priced source of goods can still attract traders to buy, downstream enterprises maintain rigid demand
.
Technically, the daily MACD red column of the Shanghai copper main 1909 contract is shortened, and the short-term shock is expected to be weak
.
