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The trend of base metals continued to diverge on Tuesday, while the performance of Shanghai copper continued to resist the decline, the Shanghai copper 1810 contract fluctuated in a narrow range around 49670 yuan / ton, trading at 49980-49370 yuan / ton during the day, and closed at 49520 yuan / ton at the end of the day, down 0.
32%
on the day.
In the external market, as of 15:15 Beijing time, the three-month London copper was reported at 6112 US dollars / ton, down 0.
32% on a daily basis, for three consecutive days
.
However, at present, copper has not completely got rid of the low run, and long-short trading tends to be cautious
.
On the macro front, the dollar index rose to a 13-month peak, hitting its highest since June 2017 at 96.
794, as traders increased their safe-haven positions
on the dollar amid concerns about the impact of the recent collapse in the Turkish lira.
Despite the Turkish lira's rebound from record lows, concerns about European banking exposure to risks in the country triggered a sell-off in the euro, sending the euro to a 13-month low against the dollar and the Swiss franc
.
The dollar closed at 96.
65, up 0.
39%.
In terms of spot, on August 14, Shanghai electrolytic copper spot contract reported a premium of 20-60 yuan / ton for the month, and the transaction price of flat water copper was 49450-49550 yuan / ton
.
In the morning, the carrier quoted a premium of 40-60 yuan / ton, and the basis narrowed to 20 yuan / ton in the next month, it is difficult to have an actual transaction, speculators follow the trend to suppress the price, flat water copper pressure price premium 20-30 yuan / ton, good copper price pressure space is limited
.
Downstream buying improved
from the previous day.
The inventories of large traders have shrunk, even if the last trading day, the market spread is inverted, and it is difficult for the spot to show a comprehensive discount
.
In terms of stocks, LME copper stocks increased by 475 tons, and last Thursday's explicit stocks fell by more than 28,000 tons to 1.
098 million tons, and the continued decline in stocks supported copper prices
.
On the industry front, the union at Chile's Escondida copper mine agreed late Monday to extend talks with management BHP to temporarily refrain from a potential strike, after the Chilean government has moved in to mediate talks between the miner's union and management
.
Overall, copper fell under pressure this cycle, as the US dollar index remained high, and the two major copper mines in Chile delayed strikes, and there was a possibility of reconciliation between labor unions and management, but short-term copper prices have not significantly fallen below the recent oscillation finishing platform, and long and short trading is cautious
.
Operationally, it is recommended that the Shanghai copper 1810 contract should be 49,000 yuan as the dividing line, and it is more cautious before it falls below
.
