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LME copper fell slightly on Friday, and as of 15:00 Beijing time, the three-month London copper was at $5968 / ton, down slightly by 0.
07%.
The main 1908 contract of Shanghai copper opened high and fell, with the highest 46980 yuan / ton and the lowest 47070 yuan / ton during the day, and the closing price of 46850 yuan / ton, down 0.
17% from the closing price of the previous trading day; The trading volume was 165,000 lots, an increase of 284.
98 million lots per day, and the position was 246,000 lots, an increase of 838 lots
per day.
The basis was expanded to 50 yuan/ton; The price of Shanghai copper in 1907-1908 expanded slightly to -50 yuan / ton
.
Market focus, the Asian dollar index continued to be weak, now trading at 96.
508, down 0.
106% on the day, effectively running below
the moving average group.
During this period, according to CME "Fed Watch": the probability of the Fed cutting interest rates by 25 basis points to 2.
00%-2.
25% in July is 75%, and the probability of cutting interest rates by 50 basis points is 25%.
Iran's defense minister said the United States was trying to create an "Iranian panic.
"
Spot analysis, on June 21, spot 1# electrolytic copper quotation of 46860-46940 yuan / ton, the average price increased by 70 yuan / ton
from the previous trading day.
SMM reported that spot quotations are still deadlocked, downstream is to maintain a rigid procurement rhythm, next week when the delivery of long orders ends, and face mid-year settlement, market supply remains abundant, spot premiums may be significantly lowered, but due to the risk event in the spot market at the end of May, or will lead to a shortage of invoices in June and the quotation is firm, the price difference between next week's current month's invoice and next month's invoice may widen
.
Warehouse receipt inventory, Shanghai copper warehouse receipts totaled 62,421 tons on Thursday, a daily increase of 1,065 tons; As of June 20, LME copper stocks were 247,050 tons, down 1,325 tons from the previous trading day, down for 4 consecutive days; As of the week ended June 14, the stock of cathode copper on the Shanghai Futures Exchange was 139556 tons, down 6,070 tons weekly, falling for 11 consecutive weeks to a new low
since the week of February 1.
During the day, the main 1908 contract of Shanghai copper opened high and fell, touching a new high of 47170 yuan / ton since June, and found support
above the 10-day moving average.
The period was partially supported
by the previous dovish statement of the Federal Reserve, and the US dollar index extended its decline.
However, news that Trump ordered to hit Iran, and the rise in market risk aversion weighed on copper prices
.
In addition, the Chilean copper mine strike continues, and copper mine supply concerns have partially supported
copper prices.
In terms of spot, spot quotations are still deadlocked, downstream is maintaining a rigid procurement rhythm, next week when the delivery of long orders ends, and faces mid-year settlement, the market supply remains abundant, spot premiums may be significantly reduced
.
Technically, the main 1908 contract of Shanghai copper tried to break through the 30-day moving average, but the Williams indicator turned downwards and expected short-term or collapse.
In terms of operation, it is recommended that the Shanghai copper 1908 contract can be sold high and low between 47200-46600 yuan / ton, and the stop loss is 300 yuan / ton
each.
