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On Monday, the main contract of Shanghai copper 1608 contract oscillated stronger, especially near the end of the day, quickly pulling up, mainly driven by the strong rise of ferrous metals during the day, closing up to 36720 yuan / ton, up 2.
17%
from Friday's closing price.
Externally, the Asian market London copper oscillation strengthened, but the overall performance was weaker than Shanghai copper, of which the 3-month London copper rose 0.
74% to 4733 US dollars / ton, the current London copper is still running in the seven-week low oscillation finishing range, short-term long and short face the direction decision
.
Last week, Luncopper's position increased and decreased, indicating that long and short trading is cautious
.
Macro: The Asian dollar index retreated and is now trading around 95.
7, and market uncertainty has been temporarily lifted
after the announcement of the British referendum result.
In addition, the People's Bank of China's entrepreneur confidence index for the second quarter was 49%, up 5.
3% quarter-on-quarter, indicating that the market has improved the outlook for China's economy, and China's Caixin manufacturing PMI
for June will be released on Friday.
In terms of market: on June 27, Shanghai electrolytic copper spot reported a premium of 70-110 yuan / ton, and the transaction price of flat water copper was 36400-36520 yuan / ton
.
This week entered the middle and end of the year, the market was subject to various restrictions on funds and settlement, and it was difficult for transactions to improve
.
Morning market copper various brands outflow, quotations are very large, and finally show signs of loosening of premium, but few responders, receiving only some traders to complete the tail goods of this month's long order, low-priced sources can also be short-term favored, downstream on-demand procurement
.
The market is cautious and wait-and-see in the atmosphere, and the willingness to cash out is gradually prominent
.
The Shanghai copper 1608 contract oscillated to 36720 yuan / ton during the day, returning to above M60, as market uncertainty was lifted after the Brexit referendum, while ferrous metals rose strongly, driving domestic commodity market sentiment
.
It is recommended that the Shanghai copper 1608 contract can be backed above 36200 yuan to bargain long, the entry reference is around 36500 yuan, and the target is around
37500 yuan.
