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On Tuesday, the main contract of Shanghai copper 1710 fell for the second consecutive day, trading at 51160-50350 yuan / ton during the day, and closing at 50450 yuan / ton at the end, up slightly by 0.
04% per day, for nearly a week of falling into high oscillations, showing that the risk of high pullback remains
.
In terms of term structure, the copper market maintained a positive arrangement of near, low and high, and the positive price difference between the Shanghai copper 1709 contract and the 1710 contract was flat to 170 yuan / ton
.
In the external market, the Asian market London copper oscillation fell slightly, but the intraday volatility was lower than that of Shanghai copper, of which the 3-month London copper traded at 6436-6378 US dollars / ton, slightly down 0.
41%, still close to the high set on May 11, 2015, continue to pay attention to technical pullback demand
in the short term.
In terms of positions, on August 4, the position of London copper was 346,000 lots, an increase of 71 lots per day, and the increase in positions of London copper fell into high oscillations for more than a week, indicating that the divergence between long and short has increased
.
On the macro front, the Asian dollar index fluctuated in a narrow range, trading around
93.
3 in early trading.
In addition, China's exports in July increased by 7.
2% year-on-year, and imports were 11% year-on-year, both of which fell and were lower than the expected 11% and 18%, indicating that imports and exports were not good
.
In the copper industry, customs data showed that China's imports of unwrought copper and copper products in July were 390,000 tons, flat for the third consecutive month, up 8.
3% year-on-year, and the cumulative import volume from January to July was 2.
62 million tons, down 15.
2% year-on-year, a seven-month consecutive decline, but the decline hit a low since January this year, indicating that short-term unwrought copper and copper import demand has rebounded
slightly.
In terms of the market, on August 8, Shanghai electrolytic copper spot traded at a discount of 50-10 yuan / ton for the monthly contract, and the transaction price of flat water copper was 50280-50520 yuan / ton
.
Holders of goods are actively exchanging cash at high prices, and the opening of the market is a discount quotation across the board, but there are a large number of large traders in the morning market to dump goods, concentrated in Indian copper and wet copper, the quotation is as low as about 150 yuan / ton, the transaction volume is large, dragging down the entire market quotation fall, some low-end imported flat water copper is dragged to a discount of about 50 yuan / ton, but because it has not shipped good copper, so that the market good copper can still stick to the discount of 20 yuan / ton -10 yuan / ton
.
The intraday transaction first rose and then declined, and the noon market quickly leaked more than 100 yuan / ton, the market quotation inquiry decreased, and the wait-and-see atmosphere rose
again.
The Shanghai copper 1710 contract fell back to 50450 yuan / ton during the day, indicating that there was strong selling pressure above, and its performance was worse than that of Shanghai aluminum, due to the lack of short-term focus speculation, before a significant breakthrough, market caution climbed
.
In terms of operation, it is recommended that the Shanghai copper 1710 contract can sell high and low in the range of 49800-51000 yuan, and the stop loss is 500 yuan / ton
each.
