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Today's Shanghai copper main contract 1710 rushed back down, trading at 51060-50160 yuan / ton during the day, closing at 50440 yuan / ton at the end of the day, up slightly by 0.
04% on the day, for nearly a week of falling into high oscillation, showing that the risk of high pullback remains
.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1709 contract and the 1710 contract widened slightly to 180 yuan / ton
.
In the external market, Asian Lun copper rushed back down, but intraday volatility was lower than Shanghai copper, of which 3-month London copper traded at 6430-6336 US dollars / ton, up slightly 0.
13%, still close to the high set on May 11, 2015, short-term need to pay attention to technical pullback demand
.
In terms of positions, on August 3, the position of London copper was 346,000 lots, an increase of 2,327 lots per day, indicating that funds have re-entered, but short-term copper prices have fallen into high oscillations, and long-short trading is still relatively cautious
.
On the macro front, the Asian dollar index rebounded relatively weakly, now trading around 93.
3, the US non-farm payrolls increased by 209,000 in July, less than the previous value of 220,000, but higher than the expected 180,000, while the US unemployment rate in July was in line with expectations, falling back to a multi-year historical low of 4.
3%.
In the copper industry, data from the US Department of Commerce showed that the cumulative import volume of cathode copper in the United States from January to June this year was 388288 tons, an increase of 80,231 tons or 26% year-on-year; During the same period, copper cathode exports fell by 56,361 tons or 61.
8% year-on-year, and data show that the United States increased copper cathode imports this year compared with previous years and reduced exports
.
In terms of the market, on August 7, Shanghai electrolytic copper spot traded at a discount of 40 yuan / ton - flat water - flat water for the current month's contract, and the trading price of flat water copper was 49950-50020 yuan / ton
.
The basis of Shanghai copper in the next month narrowed to 110-120 yuan / ton
compared with last week.
Spot premium is difficult to maintain, more than 50,000 yuan of holders to exchange cash actively, morning market quotation flat water - premium 20 yuan / ton, little response, helpless good copper initiative to reduce to a small discount of about 10 yuan / ton, some low-end imported copper actively expand the discount to about 40 yuan / ton, dragging down other domestic and other cost-effective flat water copper together decline, more than 50,000 yuan downstream has no intention of taking the initiative to enter the market, speculators should also discount the range is not enough speculative buying willingness is low, the overall market shows oversupply Monday wait-and-see characteristics
.
The Shanghai copper 1710 contract fell back to 50440 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.
