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Today's Shanghai copper main contract 1708 under pressure and heavy decline, partly dragged down by the collapse of Shanghai zinc, intraday trading at 46340-45810 yuan / ton, down 1.
16%, the daily closing price is close to the level of May 26 this year, only partially cut the gains of the previous three trading days
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1707 contract and the 1708 contract narrowed to 70 yuan / ton
.
In terms of external trading, Asian Lun copper fell under pressure, for the second consecutive day of decline, of which the 3-month London copper operating range was 5782-5730 US dollars / ton, slightly down 0.
31% to 5745 US dollars / ton, the upper rebound resistance focused on 5850 US dollars / ton, its performance obviously resisted the decline in Shanghai copper
.
In terms of positions, on June 9, the position of London copper was 341,000 lots, an increase of 4,292 lots per day, and last week London copper increased its position to the upside, indicating that the confidence of bulls to do long has risen significantly and occupied
.
On the macro front, the Asian dollar index oscillated around 97 and is now trading around 97.
16, and the market is currently focused on this week's Fed interest rate decision, with a high probability of interest rate hikes, while the market is concerned about the tone of this resolution and hints
at the pace of interest rate hikes this year and next.
In the copper industry, according to the latest research by the International Copper Association (ICA), the rapid development of the electric vehicle (EV) industry will increase copper demand for electric vehicles and buses from 185,000 tons in 2017 to 1.
74 million tons
in 2027.
In terms of the market, on June 13, Shanghai electrolytic copper spot reported a discount of 40 yuan / ton - flat water for the current month's contract, the trading price of flat water copper was 45830-45900 yuan / ton, and the trading price of premium copper was 45850-45930 yuan / ton
。 Shanghai zinc due to the liquidation of the position frenzy, Shanghai copper dragged down by it, the basis of the next month slightly expanded compared with the previous period, coupled with the heavier financial pressure in the middle of the year, resulting in the holder eager to ship before the month, intraday rush to the runway shipment, actively adjust the price to seek the transaction, the copper quickly changed from the premium state to the discount state and expanded all the way, and the expansion of the basis of the next month also made the downstream wait-and-see sentiment further increase, waiting for the change of month to enter the market
.
During the day, the Shanghai copper 1708 contract fell under pressure to 45,830 yuan / ton, partly dragged
down by the plunge of more than 6.
4% in Shanghai zinc.
This week's focus on the Fed's interest rate meeting, interest rate hike expectations are on the high
side.
In terms of operation, it is recommended that the Shanghai copper 1708 contract can be sold high and low between 45800-46500 yuan, and the stop loss is 450 yuan / ton
each.
