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LME copper continued its weakness on Wednesday, with 3-month London copper trading at $5,871/mt as of 15:00 Beijing time, down 0.
37%
on the day.
The main 1908 contract of Shanghai copper continued to open low, with the highest 46520 yuan / ton and the lowest 46220 yuan / ton during the day, and the closing price of 46250 yuan / ton, down 0.
77% from the closing price of the previous trading day; The trading volume was 117,800 lots, a daily decrease of 40,064 lots, and the position was 217,600 lots, a daily decrease of 986 lots
.
The basis was expanded to 160 yuan/ton; The price spread of Shanghai copper in 1908-1909 remained at -40 yuan / ton
.
In the spotlight, China's Caixin services PMI recorded 52 in June, down 0.
7 percentage points from May and the lowest
since March this year.
According to a forecast report jointly released by the China Passenger Vehicle Association and Wilson, the overall wholesale volume of China's passenger car market in July this year is expected to be 1.
54 million units, a decrease of 1.
7%
compared with July 2018.
Congo's interior minister has said it will expel all illegal miners from Glencore's KW open-pit copper-cobalt mine by Sunday and has begun to close illegal trading sites
around the mine.
Spot analysis, on July 3, spot 1# electrolytic copper quotation 46360-46460 yuan / ton, the average price of 46410 yuan / ton, down 230 yuan / ton
from the previous trading day.
Copper fell sharply, attracting traders to enter the market, the inquiry atmosphere was positive, the holders maintained a strong willingness to raise water, the transaction of low-priced copper sources of flat water copper was acceptable, good copper is difficult to have room for price reduction, the transaction has improved significantly, and the willingness of traders to receive goods is enhanced and it is difficult to reduce prices; Downstream bargain replenishment buying has also improved, good copper still shows the characteristics of spot prices leading the rise, the current holders will continue to rise high prices to support the price of the trading pattern
.
Warehouse receipt inventory, the total number of Shanghai copper warehouse receipts on Wednesday was 64,927 tons, an increase of 239 tons per day; On July 2, LME copper stocks stood at 239925 tonnes, or 975 tonnes
per day.
The main 1908 contract of Shanghai copper continued to open
lower during the day.
The United States said it would impose new tariffs on the European Union, the dollar performed firmly, while domestic economic data performed poorly, downstream demand has not improved, and copper prices are still looking downward for support
.
In terms of spot, copper futures fell sharply, attracting traders to enter the market, the inquiry atmosphere was positive, the strong willingness of holders to raise water, the transaction has improved significantly, traders' willingness to receive goods has increased, it is difficult to suppress prices, and downstream bargain replenishment buying has also improved
.
Technically, the red bar of the daily MACD indicator of the main 1908 contract of Shanghai copper shortened, and the K value of the KD indicator fell by the 50th percentile, and the short-term shock is expected to be weak
.
