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On Monday, the Shanghai copper main contract 1610 contract fluctuated in a narrow range around 37500 yuan / ton, closing at 37540 yuan / ton at the end of the day, down 0.
21% from Friday's closing price, and the support level of M60 below it is 36720 yuan / ton, which is still valid
.
At present, Shanghai copper is still running on the oscillation finishing platform in the past week, and the long and short are facing a direction decision
.
Externally: Asian London copper oscillation strengthened, of which 3-month London copper rose 0.
43% to 4816 US dollars / ton, the daily closing price is close to the low set on July 11 this year, the current London copper running at the intersection of moving averages, short-term operating range focus on 4950-4750 US dollars / ton
.
In the past week, Luncopper's position has increased and decreased again, indicating that long-short trading has been repeated
.
In terms of market: Shanghai electrolytic copper spot reported a premium of 20-140 yuan / ton, and the transaction price of flat water copper was 37480 yuan / ton - 37540 yuan / ton
.
The current copper market is high and low, and the willingness of holders to raise prices has declined
.
The opening good copper reported a premium of more than 150 yuan / ton, but the market reacted coldly
to the high-priced supply.
At the same time, when the holders showed their willingness to exchange cash at a high level, the premium fell rapidly, and the market supply was further sufficient
.
At this time, even the funds that were intended to buy at the beginning of the session turned to wait and see and bearish the future market premium
.
Macro: The U.
S.
dollar index stabilized in early trading, basically maintaining the gains in Friday's night market, now trading around 96.
3, boosted by much better-than-expected non-farm payrolls data in the United States, but at the same time the U.
S.
crude oil futures contract continued to rebound, rising further to $42.
36 / barrel, partially offsetting the pressure caused by the strengthening of the dollar
.
However, China's imports in dollar terms fell 5.
7% year-on-year in July, and exports fell 4.
4% year-on-year, a much sharper-than-expected
decline.
News: China's imports of unwrought copper and copper products in July fell 14% month-on-month to 360,000 tons, and monthly imports hit a new low since August last year, showing that China's domestic copper demand has declined in the short term, but increased by 3% year-on-year in July, while the cumulative import of unwrought copper and copper products from January to July was 3.
09 million tons, an increase of 19.
1% year-on-year, and China's copper concentrate imports in the same period were 9.
41 million tons, an increase of 36%
year-on-year.
The intraday Shanghai copper 1610 contract oscillated to 37540 yuan / ton, weighed
down by China's bearish trade data.
However, in view of the fact that copper futures have not effectively broken through the recent oscillation finishing platform, it is recommended that short-term operations still need to be cautious, Shanghai copper 1610 contract can be backed above 37100 yuan to bargain long, the entry reference is 37350 yuan, the target is 38500 yuan / ton
.
