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Last night, the internal and external markets continued to maintain a low volatility pattern, the center of gravity of London copper was basically maintained around 5760 US dollars / ton, and the center of gravity of Shanghai copper was basically maintained around 46400 yuan / ton
.
The Shanghai Copper Index reduced its position by 7,638 lots to 621,000 lots, mainly reflected in the reduction of long positions
.
Mainly due to better than expected retail sales data in the United States in July, the dollar broke through the 98 mark, and copper prices hovered
under pressure low.
At present, the overall macro economy continues to weaken, although the European side released the UK July quarterly adjusted retail sales data performed well, the pound rose slightly, but the overall weak form has not changed, while trade uncertainty continues to affect market pessimism, crude oil also continues to weaken to test the 53 mark, from the macro level, it is difficult to change the weak
situation of copper prices.
Fundamentally, the release of real estate, automobiles and other terminal data in July has declined, and the weakness on the demand side is still difficult to support copper prices
.
It is expected that copper prices will continue to maintain stability at a low level today, and the current Shanghai copper closed negative, under pressure on the 10-day moving average, KDJ indicators performed bearish crossovers, and the technical picture was also bearish for copper prices
.
In terms of spot, due to the end of yesterday's delivery, the overall quotation has been sharply reduced, and the current market price is at a low level and the low price stimulates the market to be active, and it is expected that today's holders will be strongly
willing to hold the price.
It is expected that today's London copper 5710-5770 US dollars / ton, Shanghai copper 46300-46600 yuan / ton, spot premium 10-liter 40 yuan / ton
.
