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Today's Shanghai copper main contract 1609 contract continued to fall under pressure, closing down to 36620 yuan / ton, down 0.
79% from yesterday's closing price, the fourth consecutive day of decline, because after copper prices continued to rise, bulls profit-taking demand has not been fully released
.
In terms of external trading, today's Asian market London copper oscillation slightly rose, of which 3-month London copper slightly rose 0.
28% to 4700 US dollars / ton, the current London copper fell below the support of the M60 line, but short-term here or oscillation sorting, the lower support focus on 4600 US dollars / ton
.
In the past week, Duolun copper turned to increase positions to the downside, indicating that the long-short divergence has increased, but the bears have the advantage
for the time being.
Macro: The U.
S.
dollar index oscillated slightly overnight and is now trading around 96.
1, but U.
S
.
crude oil futures fell 5.
64% under pressure, dragging down industrial products.
Today's focus on June's non-farm payrolls data, which will be released tonight, is expected to be better than May, but the increase is far less than the previous increase of 200,000 people, indicating a marked slowdown
in the improvement of the US labor market.
In terms of market: on July 8, Shanghai electrolytic copper spot reported a premium of 40-100 yuan / ton, and the transaction price of flat water copper was 36580-36680 yuan / ton
.
At present, the copper liter discount is firm, and the copper premium is 100 yuan / ton in the morning, and the flat water copper is reported as 60 yuan / ton, but due to the lack of demand to enter the market, the premium has slowly declined
.
After the start of the second section, it has been reduced to a good copper premium of 80-90 yuan / ton
.
The downstream mentality is still bearish on copper prices, so buying intentions have not yet risen
.
At the same time, the almost unmatched monthly basis limits traders' buying
.
Information: Chile's National Copper Commission expects Chile's copper production to fall 0.
5% to 5.
74 million tonnes in 2016 and increase by 3.
1% to 5.
92 million tonnes
in 2017.
At the same time, the average copper price this year is expected to be $2.
15/lb
.
Today's Shanghai copper 1609 contract fell under pressure to 36620 yuan / ton, as copper prices continued to rise or face technical pullback pressure, but the short-term dollar index rose weakly, and the risk of copper decline was released, and its willingness to fall may weaken.
It is recommended that the Shanghai copper 1609 contract can be sold high and low between 36500-37500 yuan, and the stop loss is 350 yuan / ton
each.
