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On Monday, the main contract of Shanghai copper 1708 bottomed out, continuing the rebound trend on Friday, mainly realized at the end of the day, and finally closed up to 46820 yuan / ton, up 0.
28% per day, and the daily closing price hit a high point on May 2 this year, and effectively ran above the moving average group, showing that the short-term long-short scramble is dominated
by bulls winning.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1708 contract and 1709 contract narrowed to 100 yuan / ton
.
In the external market, Asian Lun copper oscillated rebound, but the increase was limited, of which the 3-month London copper operating range was 5843-5775 US dollars / ton, up 0.
4% to 5823 US dollars / ton, and the technical support below focused on the 5700 US dollars / ton integer mark
.
In terms of positions, on June 22, the position of London copper was 333,000 lots, an increase of 4,486 lots per day, and last week London copper sharply reduced its position and rose, indicating that the short orders that entered the previous week had a stronger
initiative to reduce positions.
On the macro front, the Asian dollar index has been trading at a week-long low and is now trading around
97.
2.
U.
S.
new home sales rose 2.
9% annualized m/m in May, 3.
7% expected, and revised upwards to a decline of 7.
9%
in the previous month.
In addition, the preliminary Markit manufacturing PMI in the United States in June was 52.
1, the lowest since September last year, and the expectation was not 53, indicating a slowdown
in the expansion of the US manufacturing industry.
In the copper industry, China's copper concentrate imports in May were 1153709 tons, down 19.
24% year-on-year, copper concentrate imports from January to May were 6.
82 million tons, a slight increase of 2.
38% year-on-year, and copper concentrate imports from Chile were 1.
675 million tons, down 9.
6%
year-on-year.
In terms of the market, near the end of the month, the holder's hedging order is still trapped, strong last weekend discount quotation, the market next month note source and the current month note source price difference is 20 yuan / ton, but the market trading is still weak, the current copper discount still has an expansion trend, but the current discount is still unattractive to middlemen, downstream on-demand delivery, light trading, Monday characteristics are obvious
.
The Shanghai copper 1708 contract rebounded to 46820 yuan / ton during the day, further confirming that the short-term long-short competition is dominated by bulls winning, and can still follow the trend
.
In terms of operation, it is recommended that the Shanghai copper 1708 contract can be backed above 46,300 yuan to bargain long, enter the market around 46,700 yuan, and target attention to 47,300 yuan
.
