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LME copper rose slightly on Friday, and as of 15:00 Beijing time, the three-month London copper was at $5,954 / ton, up 0.
28%
on a daily basis.
The main 1909 contract of Shanghai copper fluctuated to the upside, with the highest 46790 yuan / ton and the lowest 46500 yuan / ton within the day, and the closing price of 46670 yuan / ton, up 0.
17% from the closing price of the previous trading day; The trading volume was 11.
58 lots, a daily decrease of 56,018 lots, and the position was 235,900 lots, an increase of 1,486 lots
per day.
The basis was expanded to -10 yuan/ton; The price spread of Shanghai copper in 1908-1909 remained at -60 yuan / ton
.
In the spotlight, the US core CPI rose 0.
3% m/m in June, the biggest increase in a year and a half
.
At the same time, U.
S.
jobless claims were also strong, better than expected and prior
.
The Ministry of Commerce said that the Sino-US economic and trade team is maintaining communication
on the specific arrangements for the next step.
Southern Copper was allowed to build the $1.
4 billion Tia Maria copper project, but opponents of the project said they would strike indefinitely because they believed the project would interfere with local agricultural production and pollute water sources
.
The project is expected to produce 120,000 tonnes
of copper per year.
Spot analysis, on July 12, spot 1# electrolytic copper quotation 46610-46710 yuan / ton, the average price of 46660 yuan / ton, up 120 yuan / ton
from the previous trading day.
According to reports, the previous day's quotation continued in the morning, and the proportion of good copper was low, so it attracted some traders to take the initiative to receive goods; Market buying was flat, and downstream performance stalled, leaving wet copper deadlocked near
flat water.
The market transaction is general, the market supply and demand sides of the day performance stalemate, next Monday is the last trading day of the month, pay attention to the next month price difference as a guide
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 66,746 tons last Friday, a daily decrease of 271 tons; On July 11, LME copper stocks stood at 290,000 tonnes, down 3,525 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 75221 lots, a daily increase of 1164 lots, short positions are 78209 lots, a daily increase of 1282 lots, net short positions are 2988 lots, a daily increase of 121 lots, long and short are increased, and net space increases
.
The main 1909 contract of Shanghai copper fluctuated to the upside
during the day.
The strong performance of the U.
S.
economic data released overnight basically dispelled the Fed's expectation of a sharp interest rate cut this month, and the dollar recovered slightly, putting some pressure on copper prices, but the Sino-US trade negotiations ushered in progress, which was positive for copper prices
.
In terms of spot, the previous day's quotation continued in the morning, and the proportion of good copper was low, so it attracted some traders to take the initiative to receive goods; Market buying is flat, downstream performance is stagnant, and market supply and demand are
deadlocked.
Technically, the Shanghai copper main 1909 contract shadow line to test the 20-day moving average, the daily MACD appeared a golden cross, it is expected to be more short-term volatility
.
