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On Wednesday, the main 1808 contract of Shanghai copper ran weakly, and fell sharply in the afternoon, closing at 50100 yuan, down 2.
59%.
The trading volume of the Shanghai Copper Index increased by 308,000 lots to 633,000, and the position increased by 22,270 lots to 692,000 lots
.
The top 20 domestic long positions in the Shanghai copper 1808 contract increased their holdings by 3471 lots to 56069 lots; The top 20 domestic positions short increased their holdings by 5168 to 62979
.
On the macro front, the dollar was lower on Tuesday as investors consolidated their recent rally and less concerned about trade tensions boosted risk appetite and contributed to some inflows into other currencies
such as the euro and the Australian dollar.
Market sentiment also improved ahead of Wednesday's Independence Day holiday, after China's central bank moved to ease currency market concerns
after the renminbi fell below a key psychological level.
In terms of spot, Shanghai electrolytic copper spot contract discount of 60 yuan / ton - flat water, flat water copper transaction price 50620 yuan / ton - 50720 yuan / ton, premium copper transaction price 50650 yuan / ton - 50760 yuan / ton
.
During the day, the copper spot market inquiry was more positive, and the premium quotation was further narrowed, but affected by the lower market, the overall transaction price fell slightly from the previous day
.
In terms of market resources, wet copper goods are tight and prices are quite firm
.
The overall transaction realization is better, and the middleman's trading order is more active
.
In terms of stocks, as of July 3, COMEX copper stocks 223352 short tons, down 306 tons from the previous day; LME copper stocks were 286525 tonnes, down 3,350 tonnes from the previous day; As of July 4, SSE futures inventories were 140697 tons, down 655 tons
from the previous session.
Overall, the tariffs imposed by China and the United States are about to take effect, market pessimism spreads, signs of weakening China's PMI also make them worried about Chinese consumption, the leaders of the central bank have spoken out one after another, stabilize market confidence, the RMB exchange rate rebounds, and the overall domestic and foreign base metals are still under pressure
.
Chilean copper mines again spread the news of the strike, but it is difficult to resist the macro bearish impact, copper prices lack support, is expected to maintain weak operation
in the short term.
FYI
.
