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On Thursday, the Shanghai copper main 1809 contract rebounded at a low level, closing at 49,000 yuan, up 1.
83%.
The trading volume of the Shanghai Copper Index decreased by 207,000 lots to 815,000 lots, and the position decreased by 17,066 lots to 645,000 lots
.
The top 20 domestic positions in the Shanghai copper 1809 contract increased their holdings by 1786 lots to 61794 lots; The top 20 domestic positions of short positions increased their holdings by 2071 lots to 64607 lots
.
In terms of spot, on the 12th, Shanghai electrolytic copper spot reported a discount of 20 yuan / ton - 50 yuan / ton for the monthly contract, the transaction price of flat water copper was 48370 yuan / ton - 48490 yuan / ton, and the transaction price of premium copper was 48410 yuan / ton - 48530 yuan / ton
.
Some traders quoted the price of the August contract, and the market mainly replenished the dip, and the overall transaction situation was average
.
In terms of stocks, LME copper stocks were 262,750 tonnes as of July 12, down 2,725 tonnes from the previous day; Shanghai Stock Exchange futures inventories were 136889 tons, up 4,021 tons
from the previous session.
Warehouses in Europe and Asia continued to decline, inventories in the Americas were flat, LME inventories fell overall, and we believe the LME inventory pattern remains unchanged
.
Current LME stocks have fallen to 263,000 tonnes
.
On the industry front, BHP Billiton Plc said it offered a new labor contract proposal to workers' unions at its Escondida copper mine in Chile, including an inflation-adjusted salary and a $23,000 bonus
per worker.
The latest contract proposal fails to meet some of the union's previous needs
.
In terms of news, the $200 billion tariff triggered a rise in market pessimism, as government agencies and industry figures spoke, the market boosted confidence, and the US Department of Commerce announced that it had signed an agreement with China ZTE to cancel the ban
on US suppliers doing business with ZTE for nearly three months.
Overall, although copper supply is generally loose, the recent exchange rate, smelting capacity release progress and seasonal changes in demand are all favorable to front-month contracts, especially the 1808 contract, so focus on term structure opportunities
.
