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On Tuesday, the Shanghai copper 1810 contract also oscillated higher, trading at 48740-48270 yuan / ton during the day, and closing at 48700 yuan / ton at the end of the day, up 1.
29% on the day, and its upper rebound resistance was 49000 yuan / ton
.
In the external market, as of 15:56 Beijing time, the three-month Lun copper was reported at 6025 US dollars / ton, up slightly by 0.
59% on the day, the fourth consecutive day of gain
.
However, at present, copper prices are still running at the intersection of moving averages, and the risk of decline remains
.
In terms of spot, on August 21, Shanghai electrolytic copper spot on the monthly contract reported a premium of 190-260 yuan / ton, flat water copper trading price of 48600-48740 yuan / ton, intraday imported copper storage increased, tight inventory was alleviated, morning market holders quoted a premium of 210-260 yuan / ton, the market stopped and watched, the transaction was weak, the holders took the initiative to lower the quotation, the flat water copper quotation premium was about 200 yuan / ton, good copper was limited to a premium of 250 yuan / ton due to the fact that the source of goods was still too small, and the downward adjustment was limited to 250 yuan / ton, The deal is the only way
to improve.
Entering the second trading session, the source of goods continues to flow out, the willingness of holders to exchange cash increases, downstream consumption is still weak, there is very little market entry, wet copper goods are concentrated, the reduction range is large, and the quotation is reduced from 150-160 yuan / ton to about
130 yuan / ton.
The arrival of imported copper increased, the market transaction heat cooled significantly compared with the previous day, and the number of shipments in the rebound and high premium pattern increased
.
The degree of softening of subsequent premiums needs to pay attention to the continuous arrival of imported copper
.
On the news front, the Asian dollar index continued to fall under pressure and is now trading around 95.
55, with US President Donald Trump saying that trade talks with China in Washington this week will not make much progress
.
In terms of industry, the latest monthly report of the International Copper Research Group (ICSG) shows that the global refined copper market has a supply shortage of 31,000 tons in May and 105,000 tons in April, and the shortage has narrowed significantly, of which the global refined copper production in May was 2.
02 million tons and consumption was 2.
05 million tons
.
At the same time, the global copper market had an oversupply of 21,000 tons from January to May this year, compared with a shortage of 66,000 tons in the same period last year, and the shortage has also narrowed
.
Overall, copper futures rebounded, continuing to be boosted by the decline in the US dollar and optimistic expectations for Sino-US trade negotiations, but the short-term technical pattern was bearish and the downward trend continued
.
Operationally, it is recommended that the Shanghai copper 1810 contract can be backed by 49,500 yuan below the sky, and the entry reference is around 48,900 yuan, and the target is 49,000 yuan / ton
.
