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LME copper opened low on Thursday, and as of 15:00 Beijing time, the three-month London copper was reported at $5908 / ton, down 0.
54%
on the day.
The main 1909 contract of Shanghai copper fluctuated downward, with the highest 46850 yuan / ton and the lowest 46520 yuan / ton during the day, and the closing price of 46620 yuan / ton, down 0.
21% from the closing price of the previous trading day; The trading volume was 99,900 lots, a daily decrease of 37,696 lots, and the position was 222,800 lots, a daily decrease of 6,778 lots
.
The basis was reduced to 20 yuan/ton; The price difference between Shanghai copper in 1909-1910 narrowed to -50 yuan / ton
.
Market focus: The Fed's FOMC interest rate meeting decided to cut interest rates by 25 basis points, in line with market expectations
.
However, Powell then hinted that the rate cut was not necessarily the beginning of an easing cycle, and the dovish intention was to reduce
it.
The twelfth round of China-US high-level economic and trade consultations concluded in Shanghai, and intensive consultations will be held in August to prepare
for the next round of high-level economic and trade consultations in September.
Chile's copper production in June fell 3.
6% month-on-month and 0.
9% year-on-year to 474,740 tons, and from January to June, Chile's copper production was 2.
785 million tons, down 2.
7%
year-on-year, according to official data from the Chilean government.
Copper production is expected to be 5.
83 million tonnes this year, matching
last year's record level.
Spot analysis: On August 1, spot 1# electrolytic copper was quoted at 46600-46680 yuan / ton, with an average price of 46640 yuan / ton, down 200 yuan / ton
from the previous trading day.
On the first day of August, the financial pressure of enterprises eased, and the superimposed market performance fell, boosting market consumption, and the morning quotation premium was 30-70 yuan / ton
.
Copper futures continued to fall, holders performed strongly, downstream bargain buying increased, traders activity increased significantly, and overall trading improved
significantly.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,549 tons on Thursday, a daily increase of 2,029 tons; On July 31, LME copper stocks were 290,500 tons, down 2,000 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 69209 lots, minus 1929 lots per day, short positions are 78418 lots, daily minus 2547 lots, net short positions are 9209 lots, daily minus 618 lots, long and short are reduced, net space is reduced
.
During the day, the main force of Shanghai copper 1909 fluctuated
downward.
The Fed cut interest rates by 25 points as expected, but then Powell's dovish speech was reduced, which pushed the dollar higher, coupled with easing concerns about upstream copper supply and weak downstream demand, copper prices were generally under pressure, while China's July manufacturing PMI data rebounded, which partially supported
copper prices.
In terms of spot, on the first day of August, the pressure on corporate funds eased, and the superimposed market performance fell, boosting market consumption
.
Copper futures continued to fall, holders performed strongly, downstream bargain buying increased, traders activity increased significantly, and overall trading improved
significantly.
Technically, the daily MACD of the main 1909 contract of Shanghai copper has a dead cross, and the short-term volatility is expected to be weak
.
