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Today's Shanghai copper main contract 1708 fell from the high, cutting some of the intraday gains, trading at 46600-46110 yuan / ton, up 0.
96% per day, and the daily closing price was close to the high point on May 3 this year
.
Shanghai copper is now back above the moving average, indicating a climbing
upside.
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 1707 contract and the 1708 contract widened to 110 yuan / ton
.
In terms of external trading, Asian London copper bottomed out, of which the 3-month London copper operating range was 5825-5787 US dollars / ton, down slightly 0.
27% to 5814 US dollars / ton, and the upper rebound resistance focused on 5900 US dollars / ton
.
In terms of positions, on June 8, the position of London copper was 337,000 lots, an increase of 7,283 lots per day, and last week, Lun copper increased its position strongly, indicating that the willingness of bulls to go long has climbed
significantly.
In terms of the market, on June 12, Shanghai electrolytic copper spot contracts reported flat water - premium 50 yuan / ton, flat water copper trading price 46140-46260 yuan / ton, premium copper trading price 46160 yuan / ton - 46300 yuan / ton
。 Shanghai copper value preservation was further trapped, the holder opened at the beginning of the wait-and-see, quotation is very late, and then want to further pull up the copper premium to make up for the loss, helpless market trading is dismal, coupled with some speculative sources to sell and ship at low prices, and close to mid-June most of the company's financial pressure began to appear, the copper premium quickly narrowed to near the level of last Friday, the middleman did not see obvious entry into the market, the downstream on the copper price rebound wait-and-see attitude, the market showed Monday characteristics
.
On the macro front, the dollar index continued its rebound overnight, but fell from its high in late trading, cutting some of its gains, and the Asian dollar index fell slightly to around
97.
08 today.
In addition, the first round of voting in the French parliamentary election ended, Macron's party took the lead, and the market uncertainty about the election slowed
.
In terms of copper industry information, it is reported that the secretary general of the National Federation of Peruvian Miners, Metallurgical Workers and Steelworkers said that Peruvian miners plan to start an indefinite nationwide strike on July 19
.
The Shanghai copper 1707 contract oscillated to close at 46370 yuan / ton during the day, and the willingness to rebound rose significantly, partly boosted by the threat of strikes at Peruvian copper mines, but copper prices fell slightly at the end of the day, indicating that there is still some selling pressure
above.
This week's focus on the Fed's interest rate meeting, interest rate hike expectations are on the high
side.
In terms of operation, it is recommended that the Shanghai copper 1707 contract can be sold high and low between 46,000-47,000 yuan, and the stop loss is 450 yuan / ton
each.
