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On Thursday, the main 2108 contract of Shanghai copper rebounded, with the highest 69100 yuan / ton and the lowest 68060 yuan / ton, and the closing price of 68800 yuan / ton, down 0.
10% from the closing price of the previous trading day; LME copper stopped falling and rebounded, as of 15:00 Beijing time, 3-month London copper was reported at 9429.
5 US dollars / ton, up 1.
02%
on a daily basis.
Market focus: (1) In his testimony before Congress, Powell stressed that the U.
S.
economic recovery has not yet reached a point where it can begin to shrink asset purchases, and said that inflation is likely to remain high in the coming months and then moderate.
Spot analysis: On July 15, spot 1# electrolytic copper was quoted at 68670-69000 yuan / ton, with an average price of 68835 yuan / ton, a daily increase of 45 yuan / ton
.
The supply of circulating goods is tight, the receiving party is afraid of heights, the downstream consumption is sluggish, and the transaction activity performance is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 70,243 tons, a daily decrease of 1,396 tons, and a decrease of 22 consecutive days; LME copper stocks were 222625 tonnes, up 825 tonnes per day, up for five consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2108 contract 71667, -2345, short positions 78032, -871, net positions -6365, -1474, long and short are reduced, net short increases
.
Market research: Fed Chairman Powell testified before Congress that there is still some distance from reducing monetary support, and the dovish attitude has caused the dollar index to fall; China's June trade data performed brightly, which was positive for risk sentiment
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved; The dumping price is favorable but the quantity is limited, and the quantity of subsequent batches is still uncertain, which still needs to be paid attention to
.
Refinery overhauls have increased recently, production remains constrained, and inventories remain declining; However, the import window is almost open, the pressure of supply imports has increased, and the upward momentum of copper prices is limited
.
Technically, the Shanghai Copper 2108 contract remained range-bound
.
Operationally, it is recommended to operate in the range of 68000-69500 with a stop loss of 500
each.
