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On Friday, the main contract of Shanghai copper 1808 fluctuated in a narrow range around 51730 yuan / ton, trading at 51880-51570 yuan / ton during the day, and closing at 51870 yuan / ton at the end of the day, up 0.
17% from the previous trading day's closing price, and the rebound was still relatively weak
.
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 widened to 150 yuan / ton
.
In the external market, Asia Lun copper fluctuated in a narrow range around 6800 US dollars / ton, of which as of 15:50 Beijing time, 3-month Lun copper was reported at 6801 US dollars / ton, up 0.
02%
per day.
In terms of positions, as of June 20, the position of London copper was 329,000, a daily decrease of 3,206 lots, and after the fall in copper prices, the position decreased, indicating that long and short positions were mainly
reduced.
In terms of the market, on June 22, Shanghai electrolytic copper spot reported a discount of 160 yuan / ton - discount of 110 yuan / ton for the contract of the month, the transaction price of flat water copper was 51370 yuan / ton - 51450 yuan / ton, and the transaction price of premium copper was 51400 yuan / ton - 51470 yuan / ton
.
Shanghai copper under pressure, the market continues to maintain the previous day's quotation, good copper is still at the discount of about 120 yuan / ton, the inquiry is more, can be pressed, the lowest heard can be discounted to 140 yuan / ton next month ticket; Downstream maintained rigid demand, and the price of the holder was 160-150 yuan / ton for flat water copper, and the actual transaction was
deadlocked.
Supply and demand continue to tug-of-war
.
Some monthly passes have appeared in the intraday market, and the difference between the next month's pass and the current month's fare is about
10 yuan / ton.
On the macro front, the Asian dollar index continued to fall under pressure, falling back to the $94 mark, and is now trading around 94.
6, down 0.
26%
on the day.
During this period, the Philadelphia Fed manufacturing index in June hit the lowest since 2016, and the dollar index continued to fall
under pressure.
On the industry front, JPMorgan said Sumitomo Bank is likely to be closely involved in the feasibility study and is ready to quickly raise funds and build a copper mine
project at the Yanacocha gold mine in Peru.
During the day, the Shanghai copper 1808 contract oscillated to 51870 yuan / ton, falling into a low range of lateral shock, as Sino-US trade concerns were still suppressed, and the dollar index fell to the 94 mark support, and it is expected that the short-term shock will continue to be weak
.
It is recommended that the Shanghai copper 1808 contract can be sold high and low between 51600-52000 yuan / ton, and the stop loss is 200 yuan / ton
each.
