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Today's Shanghai copper main contract 1609 contract oscillation strengthened, intraday trading at 37800-38570 yuan / ton, the end of the day rose to 38330 yuan / ton, up 1.
29% from yesterday's closing price, Shanghai copper is still effectively running above
M60.
Externally: Today's Asian Lun copper bottomed out slightly, basically reducing intraday declines, of which 3-month London copper was flat at 4935 US dollars / ton, but at present, London copper is effectively running above the moving average group, and the lower support is concerned about 4900 US dollars / ton
.
In the past week, Lun Copper has been the main player with increasing positions, indicating that bulls have taken the initiative, and the popularity of the copper market has increased
significantly.
Macro: The Asian market dollar index oscillated and stabilized, now trading around 96.
6, the market digested the Turkish coup, short-term lack of focus, trading is relatively light
.
The market is currently focused on Thursday's ECB interest rate meeting, which is expected to remain on hold
.
Market: On July 19, Shanghai electrolytic copper spot reported a discount of 80-20 yuan / ton, and the transaction price of flat water copper was 37850-37970 yuan / ton
.
Holders in the morning market were slightly panicked, selling goods concentrated, and the discount and the low discount level before delivery remained stable, but the market wait-and-see atmosphere was strong, and there were few buys
.
In the second trading session, the market stabilized and rose to around 38,000 yuan / ton, the confidence of market bulls has warmed up, and there are more and more bargain buyers, promoting the current copper discount began to narrow, it is difficult to find a low-priced source, the overall transaction within the day is still running among traders, and the transaction activity shows first and then rise
.
Today's Shanghai copper 1609 contract oscillation strengthened to 38,300 yuan / ton, ignoring the pressure of slowing house price growth in 70 large and medium-sized cities in China in June
.
In view of the fact that the rising pattern of copper since last week has maintained well, the rebound may not be over, it is recommended to follow the trend to go long, 1609 contract can be backed above 37600 yuan, the entry reference around 38100 yuan, the target is 39000 yuan / ton
.
