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Today's Shanghai copper main contract 1610 contract bottomed out, partially cut the intraday decline, stabilized to 37390 yuan / ton at the end of the day, the support level of M60 below is 36850 yuan / ton, the current support is still valid
.
In terms of term structure, the copper market showed a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1609 contract and the 1610 contract was flat to 60 yuan / ton, indicating that the willingness of forward contracts to pull back has declined
slightly.
Externally: today's Asian Lun copper trading is light, of which the 3-month London copper slightly rose 0.
01% to 4809 US dollars / ton, the upper rebound resistance focuses on 4900 US dollars / ton, and the lower support focuses on M60, that is, 4770 US dollars / ton
.
In the past week, the London copper position reduction oscillation operation (a cumulative decrease of 24,000 lots), indicating that the long and short actively reduced their positions and left the market, and the sentiment of the copper market was very low
.
Macro: Today's Asian dollar index oscillation slightly rose, but the rebound is relatively weak, now trading around 94.
35, the minutes of the Fed's July meeting released in the early morning show that the Fed's internal officials are divided on interest rate hikes, September interest rate hike expectations fell again, the dollar index has fallen 1.
39% this week, conducive to the base metals rebound
.
In the absence of key events tonight, the market is trading or light
.
Information: It is reported that in order to seek diversified development, Indonesian oil and gas company Mdlco spent 500 million US dollars to build a copper smelter, which is expected to be put into operation in 2021 with an annual production capacity of 500,000 tons
.
In terms of market: today's Shanghai electrolytic copper spot report discount 70-discount 10 yuan / ton, flat water copper transaction price 37120-37180 yuan / ton
.
The source of copper delivery in Shanghai continued to flow in, and copper was now fully turned to
discounting.
The opening holder tentatively reported a copper premium of 10 yuan / ton, but then a discount offer gushed out, so that the good copper premium fell directly to the discount of 10 yuan / ton
.
However, the active reduction of the premium by cargo holders did not attract buyers, and traders speculated to find cost-effective sources
of large discounts.
Downstream sporadic returns to the market, as the market close to 37,000 yuan is more attractive
than before.
Today's Shanghai copper 1610 contract oscillation stabilized to 37390 yuan / ton, accompanied by a slight reduction in Shanghai copper positions
.
Given that copper has not effectively fallen below the technical support below, and the US dollar index has continued to fall under pressure recently, copper's willingness to rise may be stronger than the risk
of pullback.
It is recommended that the Shanghai copper 1610 contract still use 37,000 yuan as the dividing line, and it is prudent to hold
it before it falls below.
