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On Friday, the main contract of Shanghai copper 1809 fluctuated in a narrow range around 50050 yuan / ton, trading at 50240-49840 yuan / ton during the day, and closing at 50090 yuan / ton at the end of the day, basically unchanged
from the previous day.
In terms of term structure, Shanghai copper maintained a positive arrangement of near, low and far high, and the positive price difference between Shanghai copper 1808 contract and 1809 contract narrowed to 100 yuan / ton, indicating that the willingness of forward contracts to rebound declined
.
In the external market, the Asian market London copper oscillation rose slightly, trading in the range of 6310-6256 US dollars / ton, of which as of 15:30 Beijing time, the 3-month London copper was reported at 6293 US dollars / ton, up slightly 0.
19%
per day.
In terms of positions, as of July 25, the position of London copper was 309,000, a daily decrease of 2,143 lots, and the recent rise in London copper reduced positions, indicating that bears actively took profits on dips
.
In terms of the market, on July 27, Shanghai electrolytic copper spot traded at a discount of 90 yuan / ton - 50 yuan / ton for the contract of the month, and the transaction price of flat water copper was 49840 yuan / ton - 49980 yuan / ton
.
Traders inquired actively in the morning, holders quoted a discount of 90-50 yuan / ton, good copper can be pressed to a discount of 70 yuan / ton, flat water copper price pressure space is insufficient, a small amount of can receive a discount of 100 yuan / ton, the transaction atmosphere is slightly better than the previous day
.
In the second trading session, the source of low-priced good copper has been difficult to find, good copper maintenance stability discount 50 yuan / ton, flat water copper discount narrowed at 80-70 yuan / ton, but the transaction heat is not as good as the morning market, downstream to maintain just demand, wet copper maintenance discount around
150 yuan / ton.
The concentrated arrival of imports has been digested, the financial pressure of cargo holders has eased, the intraday market dumping situation has improved compared with the previous two days, the transaction is mainly based on traders' receipts, and the degree of spot discount expansion next week may be limited
.
On the macro front, the Asian dollar index edged down 0.
1% under pressure, basically maintaining the overnight gain of as much as 0.
6%, and is now trading around 94.
64 as the European Central Bank kept interest rates unchanged and its plans to raise interest rates unchanged
.
In addition, China's profits of industrial enterprises above designated size increased by 20% year-on-year in June, slowing by 1.
1%
month-on-month.
The market is focused on the US GDP in the second quarter, which is expected to grow by as much as 4%
in the second quarter.
In terms of industry, data from Japan's Ministry of Finance showed that Japan's refined copper exports in June were about 57,662 tons, an increase of 25.
9% year-on-year, and the cumulative export from January to June was 313686 tons, an increase of 18%
year-on-year.
During the day, the Shanghai copper 1809 contract oscillated slightly to 50,090 yuan / ton, as the Chinese government will use fiscal and financial joint efforts
.
However, the US dollar index maintained a high level, and it is necessary to be wary of technical corrections after the continuous rebound in the short term, suggesting that the Shanghai copper 1809 contract can sell high and low between 49800-50500 yuan / ton, and the stop loss is 450 yuan / ton
each.
