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On Wednesday, Shanghai copper high opened consolidation, the main month 1809 contract opened at 49490 yuan / ton, the highest intraday 49760 yuan / ton, the lowest 49430 yuan / ton, settled 49580 yuan / ton, closed 49530 yuan / ton, up 150 yuan, or 0.
30%.
The trading volume of the main 1809 contract of Shanghai copper increased by 8266 lots to 172390 contracts throughout the day, and the holding volume increased by 9824 lots to 167246 lots
.
In terms of spot, Shanghai electrolytic copper spot for the current month contract reported a premium of 50 yuan / ton ~ 90 yuan / ton, flat water copper trading price of 49440 yuan / ton ~ 49500 yuan / ton, and premium copper trading price of 49460 yuan / ton ~ 49520 yuan / ton
.
During the day, the holders lowered their premiums slightly, and the number of inquirers decreased, but investors entered the market and the overall transaction improved
.
In terms of stocks, as of August 7, LME copper stocks were 248,050 tons, down 1,850 tons from the previous day; COMEX stocks 201803 tons, down 1,806 tons from August 3; As of August 8, copper stocks in the previous period were 79,843 tons, down 1,658 tons
from the previous day.
Industry news, data from the General Administration of Customs showed that China's imports of unwrought copper and copper products in July were 452,000 tons, an increase of 15.
9%
year-on-year.
From January to July 2018, the import volume of unwrought copper and copper products was 3.
049 million tons, an increase of 16.
2%
from 2.
624 million tons in January-July last year.
Chile recorded a trade surplus of $375 million in July as copper exports continued to show strength, data showed on Tuesday,
according to the Central Bank of Chile.
Chile's copper exports jumped 9.
47 percent to $3.
004 billion in July as output from the country's largest copper mine jumped
.
From a fundamental point of view, the Escondida strike is still the biggest disruption on the supply side, and it is currently in the stage of government mediation, and the risk of a strike still exists
.
In addition, the continued depletion of refined copper stocks supported copper prices
.
At present, in addition to the macro trade war, how the central bank stabilizes the exchange rate and promotes growth has become the second largest concern, which plays a certain guiding role
in the future trend of copper prices.
If the macro situation deteriorates, the basic support for copper prices will be limited, and it is expected that short-term copper prices will continue to fluctuate at a low level, with the main fluctuation range of 49,000-50,000 yuan
.
FYI
.
