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Today's Shanghai copper main contract 1709 continued to rebound, but the rise has not expanded, intraday trading at 47520-47120 yuan / ton, the end of the day closed at 47400 yuan / ton, up 0.
32% per day, for three consecutive days, currently effectively stabilized above
the moving average group.
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 remained at 120 yuan / ton
.
In terms of external trading, the Asian market London copper oscillation rose slightly, of which the 3-month London copper operating range is 5926-5887 US dollars / ton, the fluctuation range is narrow, now trading around 5919 US dollars / ton, the technical support below is concerned about 5800 US dollars / ton
.
In terms of positions, on July 11, the position of London copper was 334,000 lots, a daily decrease of 3,476 lots, which was a third consecutive day, and this week's London copper reduced its position and rose, indicating that the short orders that entered last week actively reduced their positions and left the market
.
On the macro front, the Asian dollar index continued to fall under pressure and is now trading around 95.
5, a new recent low, as Federal Reserve Chair Janet Yellen spoke dovish
in the early morning.
In addition, China's June imports (in RMB) 23.
1% and exports (in RMB) were 17.
3%, both stronger than expected and the previous value, indicating that China's trade situation has improved and improved the market prospects
for China's economy.
In terms of the copper industry, customs data show that China's cumulative imports of copper concentrate from January to June were about 8.
23 million tons, a slight increase of 2.
3% year-on-year, and China's imports of unwrought copper and copper products fell by 18.
4% year-on-year during the same period, indicating that China is still actively importing copper concentrate and reducing refined copper imports
.
In terms of the market, on July 13, Shanghai electrolytic copper spot traded at a discount of 30 yuan / ton - 90 yuan / ton for the monthly contract, and the trading price of flat water copper was 46900-47050 yuan / ton
。 Morning market quotation began to show the willingness to stand up, flat water copper quotation discount 30 yuan / ton - discount 10 yuan / ton, good copper quotation flat water - premium 10 yuan / ton, due to the next month price spread widened more than 100 yuan, attracted a wave of bargain buying, quickly show signs of tight prices, about ten o'clock, the next month spread widened and stabilized to 180-200 yuan / ton, holders with the basis continues to rise quotation, the second trading session, quotations have been fully premium, downstream stop and see, traders mostly for basis changes and as.
The Shanghai copper 1709 contract rebounded to 47,400 yuan / ton during the day, a weaker increase than Shanghai nickel and Shanghai aluminum, but stronger than Shanghai zinc, and its rebound pattern maintained well, partly boosted by potential strikes on foreign copper mines and trade data with China's strong trade
.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 46,800 yuan to bargain long, the entry reference is around 47200 yuan, and the target is 48,000 yuan
.
