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This week, the main 1609 contract of Shanghai copper fluctuated down, opening at 38350 yuan, diving down from the highest point of 38650 yuan, and then a wide range of shock decline, the lowest point of the week to 37430 yuan, the lowest point to 38180 yuan, and finally closed at 37470 yuan, down 710 yuan, or 1.
86%.
This week's LME March copper wide range decline, Monday opened at $4930, after the opening of the oscillation, the highest point to $4949.
5, Monday night diving down, Tuesday to maintain the downward trend, to the lowest point of the day after the rebound higher, Wednesday unilateral decline, evening again diving down, and down the lowest point of the week of $4830, Thursday gap high and shock rise, Friday sharp correction, domestic trading session closed at $4856, down $74, down 1.
5
。
Macro, because there are two major policy meetings of the Federal Reserve and the Bank of Japan this week, the market is still more cautious, the Fed has changed from the original loose to neutral, the Bank of Japan has eased policy as scheduled, and the dollar is in the process of falling out of profit
.
We believe that after everything is clear, the US economy will once again take the initiative, and the decline of the dollar will put pressure
on copper prices.
This week's Politburo meeting made a rare mention of curbing asset bubbles
.
In the copper market, although the dollar has weakened, copper prices are still weak, which has a lot to do with
the fundamentals of copper.
Recently, we visited domestic cable-related enterprises, and the general decline in corporate orders in July, the slowdown in the growth rate of State Grid investment and the base reason, the demand for cables in the second half of the year is worrying, which puts pressure
on copper prices.
On the supply side, we tracked 13 mining companies' output growth of 10.
2% year-on-year in the second quarter, which shows that copper mine production was released on schedule this year, of which Peru and Zambia are the main sources of
growth.
At present, copper prices are blocked by the 10-day moving average falling, the LME is at $4930, and the domestic copper in October is 38100 yuan, if the above resistance is effective, copper prices still have the possibility
of continuing to decline.
Short orders can be held on the transaction, but a stop loss
should be set.
