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On Friday, the main contract of Shanghai copper 1708 fluctuated in a narrow range around 47500 yuan, trading at 47670-47230 yuan / ton during the day, closing at 47460 yuan / ton, up slightly by 0.
06% per day, the current daily closing price of Shanghai copper is close to the high set on May 2 this year, and effectively runs above the moving average group, and the bulls have the advantage
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1708 contract and the 1709 contract widened to 100 yuan / ton
.
In the external market, Asian Lun copper continued its rally, performing stronger than Shanghai copper, of which the 3-month London copper operating range was 5965-5915 US dollars / ton, up 0.
55% to 5937 US dollars / ton, short-term focus on whether the integer mark of 6000 US dollars / ton can be broken
.
In terms of positions, on June 28, the position of London copper was 329,000 lots, a slight decrease of 2,308 hands per day, and the cumulative decrease in London copper positions this week was 3,941 lots, and the recent reduction of London copper positions rose, indicating that the bears who entered the previous week actively reduced their positions and left the market
.
On the macro front, the Asian market dollar index dollar index extended its decline, falling for three consecutive days, running weakly around 95.
5 in early trading, hitting a new low since October 5 last year, further confirming that the short-term long-short scramble is dominated by the bears' victory, as market concerns about weak U.
S.
economic data continue, and investors doubt whether President Trump can move forward with tax reform and spending plans
.
Meanwhile, China's official manufacturing PMI rose to 51.
7% in June, up 0.
5% month-on-month, the second highest level of the year and better than expected 51%, indicating a slight expansion
in China's manufacturing sector.
In the copper industry, the Escondida copper mine in Chile, the world's largest copper mine, BHP Billiton's Holdings saw copper production fall 63% year-on-year to 971.
03 million tonnes in the first quarter of 2017, affected by worker strikes
.
In terms of the market, on June 30, Shanghai electrolytic copper spot contracts reported a discount of 130-90 yuan / ton, flat water copper trading price of 47040-47140 yuan / ton, and premium copper trading price of 47060-47160 yuan / ton
.
Shanghai copper continued to rise, the last trading day of the year, most companies have entered the settlement state, although the holders still have quotations, but the transaction has been scarce, the market supply and demand are light, the copper discount is basically stable, the downstream is mainly sporadic replenishment at the end of the month, and the characteristics of the middle and end of the year are obvious
.
The intraday Shanghai copper 1708 contract oscillation stabilized to 47460 yuan / ton, the cumulative increase of Shanghai copper this week reached 1.
65%, the increase is slightly weaker than Shanghai zinc, the current copper running above the moving average group, the technical pattern is strong
.
In operation, it is recommended that the Shanghai copper 1708 contract can be backed above 46,800 yuan to bargain long, enter the market reference around 47200 yuan, and target attention to 48000 yuan
.
