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Trade Service
Last night, the overall performance of the internal and external market was that the center of gravity moved upward, the center of gravity of London copper basically remained around 5680 US dollars / ton, and the Shanghai copper opened back down, and the center of gravity rose to 46600 yuan / ton
.
Shanghai Copper Index bears continued to reduce their positions by 6,110 contracts to 629,000 lots
.
The rebound was mainly due to the easing of market trade tensions, while the larger recovery in the domestic market was also affected by the offshore RMB remaining near the high of 7.
16, which supported the internal market
.
At present, the market is heavily affected by trade sentiment, which directly affects the trend of the plate, but as far as the current situation is concerned, the substantive issue of trade has not been resolved, and negotiations are still ongoing, and the potential risk is greater
.
In Europe, the UK's hard Brexit was blocked, the pound also rose, Germany's GDP data for the second quarter was basically unchanged, but the overall European economy was still weak; In the United States, the inversion of three-month and 10-year Treasury yields has increased, reflecting the market's continued strong risk aversion and preference for safe-haven assets
.
The overall macro view is still flat, the fundamentals are not yet obvious signs of improvement in domestic consumption, and overall the news on copper prices is still dominant
.
At present, Shanghai copper closed negative, and has been supported by the 20-day moving average, but the upper pressure is still under the 40-day moving average and the 60-day moving average, the pressure is still large, and it is expected that Shanghai copper will continue to oscillate and maintain stability
today.
At present, due to the recovery of plate prices, it is expected to suppress market trading sentiment, and at the end of the month, companies consider monthly settlement, the transaction atmosphere has entered a light period, and holders are unwilling to reduce quotations due to limited supply in hand, and are expected to continue to remain deadlocked today
.
It is expected that today's Shanghai copper 46400-46700 yuan / ton, spot premium 50-liter 90 yuan / ton
.
