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LME copper traded sideways on Tuesday, and as of 15:03 Beijing time, the three-month London copper was at $6,023 / ton, up 0.
06%
on the day.
The main 1909 contract of Shanghai copper fell slightly, with the highest 47510 yuan / ton and the lowest 47220 yuan / ton during the day, and the closing price of 47300 yuan / ton, down 0.
23% from the closing price of the previous trading day; The trading volume was 13.
34 lots, a daily decrease of 188,000 lots, and the position was 254,100 lots, a daily decrease of 2,798 lots
.
The basis was expanded to 10 yuan/ton; The price difference between Shanghai copper in 1908-1909 widened to -50 yuan / ton
.
Market focus, US President Trump tweeted that the White House and Congress agreed
on a debt ceiling and budget agreement.
Tonight, the new British prime minister will be officially announced, and the market is worried that the United Kingdom will eventually leave the EU without a deal because the popular candidate is Johnson, who has a tough attitude towards the EU
.
According to data from the General Administration of Customs, China's copper scrap imports in June were 170,000 tons, down 15.
8% year-on-year, but unchanged from May.
China's copper scrap imports from January to June were 850,000 tons, down 25.
8%
year-on-year.
Spot analysis, on July 23, spot 1# electrolytic copper quotation 47260-47360 yuan / ton, the average price of 47310 yuan / ton, down 300 yuan / ton
from the previous trading day.
Copper prices are under pressure and are lower, some traders show willingness to receive goods, market inquiries increase, price pressure atmosphere is strong, and downstream consumption is weak
.
After the fall in copper futures, quotations were slightly stronger than the previous day, traders had a moderate amount of bargain buying, but copper prices did not stabilize, and the market was still cautious
.
Warehouse receipt inventory, Shanghai copper warehouse receipts on Tuesday totaled 63,296 tons, a daily decrease of 1,024 tons; On July 22, LME copper stocks were 295725 tonnes, down 725 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 76921 lots, daily decrease of 1921 lots, short positions of 91900 lots, daily increase of 142 lots, net short positions of 14979 lots, daily increase of 2063 lots, more short increase, net space increase
.
During the day, the main 1909 contract of Shanghai copper fell slightly
.
Trump tweeted major news, the dollar index rose slightly, coupled with the increase in copper inventories, copper price pressure remained, but scrap copper imports fell sharply, and copper processing fees TC continued to decline, copper mine supply concerns rose, forming some support
for copper prices.
In terms of spot, copper prices are under pressure to fall, some traders show willingness to receive goods, market inquiries increase, price pressure atmosphere is strong, and downstream consumption is weak
.
Technically, the daily MACD red column of the main 1909 contract of Shanghai copper is slightly reduced, and KDJ has a dead cross, and a weak pullback
in the short term is expected.
