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Today's Shanghai copper main contract 1710 continued to fall under pressure, for two consecutive days, intraday trading at 50730-49760 yuan / ton, the end of the day closed at 49970 yuan / ton, the daily plunge of 1.
61%, fell back to the level before July 25 this year, indicating heavier
selling pressure above.
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 1709 contract and 1710 contract remained at 160 yuan / ton
.
In terms of external trading, Asian Lun copper fluctuated in a narrow range around 6460 US dollars / ton, and intraday volatility continued to be lower than that of Shanghai copper, of which 3-month London copper traded at 6479-6437 US dollars / ton, up slightly 0.
29%, and continued to pay attention to technical pullback demand
in the short term.
In terms of positions, on August 8, the position of London copper was 346,000 lots, an increase of 445 per day, and the recent increase in London copper positions for four consecutive weeks, copper price oscillation stabilized, showing that bulls gradually occupy the advantage, long confidence climbed
.
On the macro front, the Asian dollar index rebounded weakly and is now trading around 93.
46, still close to the low since May 2016
.
In addition, the US PPI fell 0.
1% m/m in July, the biggest decline in 11 months, and was worse than expected by 0.
1%, compared with a 0.
1% increase in the previous month, data showed weak inflation in the United States, reducing expectations
of a rate hike in September.
In the copper sector, Peruvian producers: The Tambomayo Gold Mine will produce 60,000-90,000 ounces in 2017 and is expected to produce 150,000 ounces
in 2018.
Marcapunta Norte copper production is expected to increase to 70,000 tonnes
.
In terms of the market, on August 11, Shanghai electrolytic copper spot traded at a discount of 40 yuan / ton - 20 yuan / ton for the monthly contract, and the trading price of flat water copper was 49680-49780 yuan / ton
.
Shanghai copper next month price spread slightly narrowed, holders in the morning market quotation tried to narrow part of the discount, but the market response was slightly delayed, the second trading session, flat water copper report discount 40-30 yuan / ton was actively shipped, good copper discount 10 yuan / ton to flat water is more favored, so the holder further narrowed the quotation, good copper cargo has been reported premium 10-20 yuan / ton, flat water copper correspondingly increased to a discount of about
20 yuan / ton.
After a week, the copper price was finally lowered to less than 50,000 yuan, traders and downstream took goods significantly more today, and the bargain hunting transaction improved
.
The Shanghai copper 1710 contract fell under pressure to 49,970 yuan / ton during the day, falling below the 50,000 yuan / ton mark, indicating that the upper rebound was blocked, due to the lack of key upward momentum, and dragged
down by the pressure pullback of black futures varieties.
In operation, it is recommended that the Shanghai copper 1710 contract can be sold high and low between 49500-50300 yuan / ton, and the stop loss is 500 yuan / ton
each.
