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On Wednesday, the main 1710 contract of Shanghai copper opened at 51370 yuan / ton, after the opening of the long and short scramble, copper prices around 51220 yuan / ton a line of consolidation, the tail in the rebar, hot coil and other black commodities driven, Shanghai copper bulls launched a round of fierce offensive, copper prices rose, the high recorded 51460 yuan / ton, with 51420 yuan / ton closed in the big white line
。 Shanghai copper rose sharply during the day, mainly driven by funds, China announced that the CPI was 1.
4% year-on-year, slowing down for the first time since March, PPI has fallen and risen, the overall view of the economy is controllable, commodity bulls dominate the market, Shanghai copper daily capital flow to 630 million yuan, copper prices still have room
to rise in the later period.
In terms of external trading, London copper opened at 6482 US dollars / ton, after the opening copper price around the daily moving average slightly consolidated, and then slightly tested down to 6454 US dollars / ton, China announced CPI year-on-year 1.
4%, the first slowdown in three months, PPI from falling to rising, the overall economy is controllable, the highest RMB rose to 6.
6775, bulls issued a round of offensive, the copper price rose above the daily average, and repeatedly consolidated
around 6482 US dollars / ton.
Entering the European session, copper prices rose sharply to $6,515/mt as the dollar index fell, a high in November 2014
.
As of 17:00, London copper was 6488 US dollars / ton, up 7 US dollars / ton
.
In terms of the market, Shanghai copper continued to rise, rising nearly 1,000 yuan overnight, some buyers and sellers were trapped, and the morning market had no choice but to appear premium quotations, especially good copper, but the market is difficult to recognize
.
The basis spread expanded to nearly 200 in the next month, the premium was slowly lowered and returned, and the quotation of wet copper discount of 140 yuan / ton ~ 130 yuan / ton opened the price difference with flat water copper, and some importers expanded the discount of flat water copper to seek transactions
.
Copper is strong, the target is close to 51,000 yuan / ton, spot trading is obviously suppressed, downstream fear of heights and cautious wait-and-see, intraday trading is still mostly spot arbitrageurs
.
In terms of news, the latest data shows that CPI rose slightly month-on-month in July, affected by the rise in prices of steel, non-ferrous metals and other products, PPI in July turned from falling to rising, ferrous metal smelting and rolling processing industry, non-ferrous metal smelting and rolling processing industry, respectively, up 2.
7% and 1.
5%, the largest month-on-month increase; On the whole, the current price operation in China is basically stable, and there is no inflationary pressure
on the whole.
In the short term
, copper prices may continue to be strong.
On the one hand, affected by environmental protection inspections and the prohibition of seven types of waste imports, smelter output and scrap copper supply have decreased, which is good for copper prices, but still need to beware, the biggest threat to copper prices in the future market will be "dollar index or bottoming out"
.
