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Today's Shanghai copper main contract 1708 rose and fell again, the intraday operating range was 46250-45750 yuan / ton, and closed at 45810 yuan / ton at the end, the daily increase shrank to 0.
64%, indicating that the upper rebound was blocked
.
The trend of Shanghai copper this week is more volatile, indicating that the competition for bulls and bears is fierce.
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 1708 contract and the 1709 contract narrowed to 80 yuan / ton
.
External trend: Asian Lun copper rushed back down, of which the 3-month London copper operating range was 5775-5690 US dollars / ton, down 0.
39% to 5702 US dollars / ton, the technical support below focus on the 5600 US dollars / ton integer mark
.
In terms of positions, on June 20, the position of London copper was 328,000 lots, a daily decrease of 13,395 lots, this week London copper position reduction oscillation operation, showing that long and short positions out of the market, copper market sentiment is relatively sluggish
.
On the macro front, the Asian dollar index fluctuated in a narrow range and is now trading around
97.
5.
U.
S.
existing home sales rose 1.
1% annualized in May, down 0.
4% expected and 2.
5% in the previous month, a stronger-than-expected
performance.
In addition, the People's Bank of China today withdrew a net withdrawal of 80 billion yuan in the open market, suspending 14-day and 28-day reverse repurchase operations
for three consecutive days.
In terms of copper industry information, data from the World Bureau of Metal Statistics showed that from January to April 2017, the copper market had a slight supply shortage of 5,000 tons, and the supply shortage in 2016 was 69,000 tons, of which the global refined copper production was 7.
67 million tons, Chile's production decreased by 144,000 tons, and the global refined copper consumption was 7.
67 million tons, a year-on-year decrease of 200,000 tons
.
In terms of the market, on June 22, Shanghai electrolytic copper spot reported a discount of 140 yuan / ton - 100 yuan / ton for the contract of the month, the transaction price of flat water copper was 45800-45850 yuan / ton, and the transaction price of premium copper was 45820-45880 yuan / ton
。 Copper part of the hedging disk is trapped, the holder is forced to maintain yesterday's discount level shipments, flat water copper and good copper only 10-20 yuan / ton price difference, conducive to good copper transactions, wet brand is also abundant supply, the market first appeared next month's note supply, and the current month's note price difference is not obvious, middlemen due to insufficient discount wait-and-see, downstream on-demand delivery, transaction activity decreased
compared with yesterday.
The Shanghai copper 1708 contract fell back to 45810 yuan / ton during the day, and copper prices jumped up and down this week, showing that the long-short competition is fierce, and the short-term focus on the choice of the direction of long-short operation
.
In terms of operation, it is recommended that the Shanghai copper 1708 contract can sell high and low between 45500-46200 yuan, and the stop loss is 450 yuan / ton
each.
