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On Monday, the main contract of Shanghai copper 1609 contract fell under pressure, trading at 38930-37800 yuan / ton during the day, and fell to 37850 yuan / ton at the end of the day, down 1.
69% from yesterday's closing price, close to the intraday low, but still effectively running above
M60.
Externally: Copper fell under further pressure, with 3-month copper falling 0.
91% to $4,878 / ton, down 3.
12% from last week's stage high of $5,032 / ton, but at present, London copper is effectively running above the moving average group, and the lower support is focused on $4,900 / ton
.
Last week, Lun Copper led by increasing its position, indicating that the bulls took the initiative, and the sentiment of the copper market rose
significantly.
Macro: The Asian dollar index basically maintained Friday's rally and is now trading around 96.
6, as global geopolitical risks climb and expectations of interest rate hikes by the Federal Reserve rise, the short-term dollar index may be prone to rise and fall
.
In addition, the prices of new and second-hand homes in China's 70 largest and medium-sized cities in June increased by 1.
8% and 2.
1% respectively month-on-month, and the month-on-month increases narrowed by 0.
1% and 0.
2%
respectively.
Market: Shanghai electrolytic copper spot report discount 80-discount 20 yuan / ton, flat water copper transaction price 37850-37970 yuan / ton
.
Holders in the morning market were slightly panicked, selling goods concentrated, the discount and the low discount level before delivery remained stable, and the good copper reported a discount of 30 yuan / ton, but the market wait-and-see atmosphere was strong
.
After that, the market stabilized and rose back to around 38,000 yuan / ton, and the number of bargain hunters increased, pushing the current copper discount to begin to narrow, and the transaction improved compared with last Friday
.
The Shanghai copper 1609 contract fell under pressure to 37,850 yuan / ton, as the dollar index climbed strongly and market risk aversion rose
.
However, in view of the fact that the rising pattern of copper since last week has maintained well, the rebound may not be over, it is recommended to follow the trend to go long, 1609 contract can be backed above 37300 yuan, the entry reference around 37800 yuan, the target focus on 39000 yuan / ton
.
