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Today's Shanghai copper main contract 1709 bottomed out, sharply reduced the intraday decline, intraday trading at 46680-46980 yuan / ton, the end of the day closed at 46960 yuan / ton, down 0.
38% daily, the current Shanghai copper 1709 contract from this round of high of 47800 yuan / ton down 1.
76%.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1708 contract and the 1709 contract widened slightly to 90 yuan / ton
.
In terms of external trading, the Asian market London copper oscillation rose slightly, but the trading was very light, of which the 3-month London copper operating range was 5856-5832 US dollars / ton, up slightly 0.
03% to 5854 US dollars / ton, and the technical support below was concerned about 5800 US dollars / ton
.
In terms of positions, on July 4, the position of London copper was 337,000 lots, an increase of 3,760 lots per day, and the position of London copper increased and decreased this week, indicating that long and short trading was more repeated
.
On the macro front, the Asian dollar index continues to fluctuate in a narrow range around 96.
3, and has rebounded 0.
89% from the low of this round of correction of 94.
47, but the current technical form of the dollar index is still weak, and the risk of short-term correction remains
.
In addition, the final monthly rate of durable goods orders in the United States fell 0.
8% in May, compared with a preliminary decline of 1.
1%.
In terms of copper industry information, it is reported that the world's largest copper mine, Chile's Escondida copper mine, reached an agreement with the labor union on workers' issues, reducing the possibility
of the mine going on strike again in the future.
In terms of the market, on July 6, Shanghai electrolytic copper spot traded at 20 yuan / ton - 80 yuan / ton for the monthly contract, 46700-46740 yuan / ton for flat water copper, and 46720-46780 yuan / ton
for copper premium.
Traders who received goods at the beginning of the week took advantage of the high premium to ship with strong willingness, the willingness to receive goods in the morning market was significantly reduced, traders reduced prices, quotations gradually declined, quotations were many, and the receiving was weak, although the premium fell significantly but still did not reach the psychological price of traders, although there was a small increase in downstream buying, but also expected further adjustments in copper prices
.
The market has re-emerged in the state of oversupply for a week, yesterday's spot premium was too fast and ferocious, straight to the delivery level, but the basis is still changing in the next month, and the spot premium may still have room
to give up.
During the day, the Shanghai copper 1709 contract came under pressure to 46960 yuan / ton, continuing to be suppressed
by the demand for technical pullback after the recent continuous rise.
However, given the rebound pattern of copper in the future, it is necessary to be cautious
about its pullback space in the short term.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 46,300 yuan to bargain hunt, enter the market around 46,800 yuan, and target attention to 47,500 yuan
.
