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On Tuesday, the main contract of Shanghai copper 1709 came under pressure and pullback, but the performance was significantly resistant to the decline of Shanghai zinc, trading at 48050-47560 yuan / ton during the day, and closing down to 47690 yuan / ton at the end of the day, down 0.
25%
on the day.
However, at present, Shanghai copper is still effectively stabilized above the moving average group, and the upward trend is still the same
.
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 1708 contract and the 1709 contract widened to 130 yuan / ton, indicating that the forward contract performance was strong
.
In the external market, Asian Lun copper oscillated down, of which the 3-month London copper operating range was 5970-6015 US dollars / ton, now slightly down 0.
31% to around 5986 US dollars / ton, the technical support below focus on 5900 US dollars / ton
.
In terms of positions, on July 14, the position of London copper was 345,000 lots, a daily decrease of 121 lots, and the recent increase in copper prices showed that when the divergence between long and short increased, bulls dominated
the advantage.
On the macro front, the Asian dollar index continued to fall under pressure and is now trading around 94.
7, a new low
since September 6 last year.
In addition, residential sales prices in 70 large and medium-sized cities in China rose by 10.
2% year-on-year in June, and the growth rate continued to fall
.
In the copper industry, as of July 17, COMEX copper stocks in the United States reported 166609 short tons, the highest since May 4, 2004 (168268 short tons), and an increase of 78,301 short tons or 88.
67% from the end of December last year, mainly because China purchased more scrap copper than refined copper, and the Trump administration's promised infrastructure spending failed to materialize
.
In terms of spot, on July 18, Shanghai electrolytic copper spot reported a discount of 110-60 yuan / ton for the contract of the month, and the transaction price of flat water copper was 47600-47720 yuan / ton
.
The quotations of holders in the morning market are still stable, but a large number of large traders have shipped a large number of goods, especially wet copper, which sells rapidly, with a price difference of 50 yuan / ton with the market quotation, and a small amount of good copper quotation also has a price difference of 20 yuan / ton with the market, dragging down the overall quotation of the market
.
The transaction between wet copper and flat water copper in the day is obviously better than good copper, and the low-end flat water copper is around 100 yuan in the discount, and the flat water copper with higher cost performance is almost shoulder to shoulder with good copper
.
At the end of the day, nearly 100 yuan was leaked, the quotation decreased, and the intraday transaction first rose and then declined
.
During the day, the Shanghai copper 1709 contract fell under pressure to 47690 yuan / ton, the decline was lower than that of Shanghai zinc and Shanghai aluminum, the performance was obviously resistant, its rebound pattern remained good, and the short-term decline was regarded as a technical pullback demand release
.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 47200 yuan to bargain hunt, enter the market around 47500 yuan, and target 48100 yuan
.
