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Today's Shanghai copper main contract 1610 contract under heavy pressure, especially in the afternoon rapid decline, fell to 37520 yuan / ton at the end of the day, down 1.
65% from the intraday high of 38150 yuan / ton, and down 0.
98%
from yesterday's closing price.
The daily closing price is close to the level
before the rise on July 12.
At present, Shanghai copper fell back to the moving average interweaving operation, the support of M60 below is still valid, and the rebound pattern is still effective
.
Externally: today's Asian London copper oscillation declined, sharply cut the 1.
34% decline recorded overnight, of which 3-month London copper fell 0.
77% to 4861 US dollars / ton, the current London copper still continues the high oscillation trend of nearly two weeks, the lower support focuses on 4800 US dollars / ton
.
This week, the London copper increase in positions oscillated widely, indicating that the long-short divergence has increased
.
Macro: The Asian dollar index continued to fall to around 96.
3 under pressure, but U.
S.
crude oil futures fell endlessly, partially weighing on the sentiment of the metals market, and the main U.
S.
crude oil contract has fallen nearly 8%
so far this week.
In addition, the BoJ surprised the market by keeping interest rates and QQE unchanged.
In terms of information: Peru's copper production in June was 207197 tons, and the monthly output was close to the record high of 212454 tons set last month, a year-on-year increase of 42.
18%, driven by a surge in new mine production, especially the start of
construction at China Minmetals' US$8.
3 billion Bambas mine.
From January to June this year, Peru's cumulative copper production was 1122128 tons, up more than 380,000 tons or 51.
46%
year-on-year.
In terms of market: on July 29, Shanghai electrolytic copper spot reported a discount of 10-liter water 70 yuan / ton, and the transaction price of flat water copper was 37720-37920 yuan / ton
.
Open good copper report 60 yuan / ton, flat water copper flat water - 10 yuan / ton
.
Holders of good copper are reluctant to sell high reports, which affects the cost-effective flat water copper
.
After the first section of the market was closed, the spot good copper premium was limited again, the quotation gradually decreased, and the traders' inquiry enthusiasm turned to cost-effective flat water copper, so that it reported a premium of 10-20 yuan / ton
.
At the end of the month, copper trading was generally weak
.
Today's Shanghai copper 1609 contract fell under pressure to 37470 yuan / ton, as Japan's monetary policy failed to expand
as expected.
However, in view of the fact that copper futures still maintain the upward pattern that began last week, which means that the rebound may not be over, it is recommended to follow the trend to go long, and the 1609 contract can be cautiously long above 37300 yuan, and the target is 38500 yuan / ton
.
