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Today's Shanghai copper main contract 1709 oscillation rebound, especially near the end, slightly rose, intraday trading at 47980-47660 yuan / ton, the end of the day closed at 47960 yuan / ton, the daily closing price hit a high point since April 6 this year, the current Shanghai copper is still effectively stabilized above the moving average group, the upward trend is still there
.
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 1708 contract and 1709 contract narrowed to 100 yuan / ton
.
In the external market, the Asian market London copper oscillation higher, of which the 3-month London copper operating range of 6019-5988 US dollars / ton, now up 0.
22% to around 6017 US dollars / ton, the lower technical support focus on 5900 US dollars / ton, the upper rebound resistance focus on 6200 US dollars / ton
.
In terms of positions, on July 17, the position of London copper was 342,000 lots, a daily decrease of 3,242 lots, and the recent increase and decrease of Lun copper positions showed that long and short trading was repeated
.
On the macro front, the Asian dollar index has rebounded weakly, and the dollar index has recently fallen for four consecutive days, now trading around 94.
7, the lowest since September 6 last year, as the market doubts Trump's ability to promote health care and various reforms
.
Watch for the two major U.
S.
crude oil inventory changes tonight, with total housing starts and construction permits in the U.
S.
in June
.
In the copper industry, Rio Tinto's copper concentrate production in the first half of the year fell 21%
year-on-year.
In terms of the market, on July 19, Shanghai electrolytic copper spot traded at a discount of 100 yuan / ton - 50 yuan / ton for the contract of the month, and the trading price of flat water copper was 47500-47560 yuan / ton
。 Today's market performance is stable, the morning market is still flat water copper favored, the quotation is stable at the discount 90-80 yuan / ton, after 11 o'clock, the plate rebounded, good copper holders are willing to sell and raise the price, good copper highlights the tight price of the goods, the quotation has the morning market discount 70-60 yuan / ton raised in the discount 50 yuan / ton line, flat water copper pulling up, although today's market activity is inferior to yesterday, but traders supply and demand side performance is stable, the overall copper outlook is still optimistic
.
Intraday Shanghai copper 1709 contract oscillation rebound to 47960 yuan / ton, the performance is only slightly stronger than Shanghai zinc, and weaker than other base metals, the current Shanghai copper rebound pattern is maintained well, it is recommended to maintain more ideas
.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 47,500 yuan to bargain long, the entry reference is around 47800 yuan, and the target is 48500 yuan
.
