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Today's Shanghai copper main contract 1610 contract bottomed out, basically recovered overnight losses, rose to 38020 yuan / ton at the end of the day, slightly down 0.
68% from yesterday's closing price, and its daily closing price is close to the level
of July 21 this year.
At present, Shanghai copper has risen above the moving average group, and the short-term upward willingness has climbed
.
Externally: today's Asian market London copper oscillation higher, partially recovered overnight losses, of which 3-month London copper rose 0.
74% to 4909 US dollars / ton, at present London copper continues to try to break through the nearly two weeks of high oscillation finishing platform, the upper rebound resistance focus on 5050 US dollars / ton
.
Last week, Luncopper's holdings increased and decreased again, indicating that long and short trading was repeated
.
Macro: The US ISM manufacturing PMI in July was 52.
6, down from 53.
2 in June and less than the expected 53, and most of the recent US economic indicators were less than expected, indicating that the US economic growth rate has slowed
.
In addition, the RBA cut interest rates by another 25 basis points as scheduled today, indicating further easing of global monetary policy, and the Asian dollar index fell under pressure to around 95.
4, partially offsetting the pressure of the decline in overnight US crude oil futures
.
In terms of market: today's Shanghai electrolytic copper spot reported a premium of 10-100 yuan / ton, a flat water copper transaction price of 37720-37850 yuan / ton, and a good copper premium of 80-100 yuan / ton
of copper.
Holders continued to slowly raise premiums, but the light transaction further widened the price gap between brands of various
grades.
However, good copper is facing stagflation pressure at the current premium, because Guixi copper quotations are many and suppressed, so before the morning market close, good copper premium fell to 90 yuan / ton
.
The downstream recognition of high copper prices is low, the market transaction is light, and the space for further lifting of the market is expected to be limited
.
Today's Shanghai copper 1610 contract oscillation stabilized to 38020 yuan / ton, boosted by the US dollar index under pressure and the RBA interest rate cut, the current copper after last week's correction back stabilized above the moving average group, showing that its willingness to rise significantly climbed, it is recommended to follow the trend to go long, 1610 contract can be backed above 37500 yuan cautiously long, the target is 38800 yuan / ton
.
