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Today's Shanghai copper main contract 1708 around 45650 yuan / ton around a narrow range, the operating range of 45870-45450 yuan / ton, down 0.
31% per day, the current Shanghai copper daily closing price fell below the main moving average group, the lower support focus on 45000 yuan / ton
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1707 contract and 1708 contract was flat to 50 yuan / ton
.
In terms of external trading, Asian Lun copper once again rushed back down, of which the 3-month London copper operating range was 5700-5652 US dollars / ton, slightly down 0.
28% to 5659 US dollars / ton, the technical support below focus on 5600 US dollars / ton, its technical form is slightly stronger than Shanghai copper
.
In terms of positions, on June 14, the position of London copper was 350,000 lots, a daily decrease of 965 lots, the first reduction in six days, this week London copper increased positions downward, showing that the bears regained the advantage, this round of position increase is mainly
short.
On the macro front, the Asian dollar index fell under pressure, partially cutting its overnight gains and is now trading around
97.
36.
The Bank of England issued a policy statement announcing that it kept the benchmark interest rate unchanged at 0.
25%, in line with market expectations, the central bank expects GDP growth to be revised upward to 0.
3% in the first quarter and 0.
4% in the second quarter, and the official start
of Brexit negotiations next Monday.
In the copper industry, data from the National Bureau of Statistics showed that China's refined copper production in May was 727,000 tons, up 6.
8%
year-on-year.
China's refined copper production from January to May was 3.
586 million tons, an increase of 7.
2%
over the same period last year.
In terms of the market, on June 16, Shanghai electrolytic copper spot traded at a discount of 120 yuan / ton - 80 yuan / ton for the monthly contract, a flat water copper trading price of 45400 yuan / ton - 45500 yuan / ton, and a premium copper trading price of 45420 yuan / ton - 45520 yuan / ton
.
Shanghai copper remained weak, on the first day after the month change, spot copper continued to maintain a discounted state, holders affected by financial pressure, strong willingness to exchange cash, middlemen absorb flat water copper, due to the existence of delivery of long order demand, downstream Friday on-demand delivery, the transaction is slightly improved
compared with yesterday.
The Shanghai copper 1708 contract fell back to 45,570 yuan / ton during the day, but it has not completely fallen below the lower moving average suppression, partially making up for the gap since June 8, facing a long-short choice in the short term, and the operation needs to be cautious
.
In operation, it is recommended that the Shanghai copper 1708 contract can be sold high and low between 45500-46100 yuan, and the stop loss is 450 yuan / ton
each.
