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Today's Shanghai copper main contract 1610 contract oscillation slightly higher, slightly stronger than London copper, the end of the day slightly rose to 37220 yuan / ton, up 0.
4% from yesterday's closing price, the support level of M60 below is 36850 yuan / ton, the current support is still valid
.
In terms of term structure, the copper market showed a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1609 contract and the 1610 contract narrowed slightly to 60 yuan / ton, indicating that the willingness of forward contracts to pull back has declined
slightly.
Externally: today's Asian market London copper trading light, narrow fluctuations, of which 3-month London copper slightly rose 0.
1% to 4777 US dollars / ton, the current London copper fell to the key technical support level M60, that is, 4760 US dollars / ton nearby, tonight pay attention to whether the line support is effective
.
In the past week, the decline in the high and fall of London copper has been accompanied by a sharp reduction in positions, indicating that the sentiment of the copper market is still sluggish, and long and short actively reduce positions and leave the market
.
Macro: Today's Asian dollar index is under pressure, now trading around 94.
9, currently effectively running below the moving average group, increasing downside risk, conducive to the rebound
of base metals.
In addition, today's Tangshan once again restricted production, triggering a collective surge in ferrous metals, which is conducive to improving market sentiment
.
Information: JPMorgan expects copper prices to skew lower in the coming quarters from a fundamental point of view
.
Market: On August 16, Shanghai electrolytic copper spot reported a discount of 40-liter water 50 yuan / ton, and the transaction price of flat water copper was 36980 yuan / ton - 37080 yuan / ton
.
During the day, the copper liter discount gradually weakened
.
There were more inquiries at the opening, and concentrated on flat water copper, so that the holders once offered a high price, but as the downward trend of the market approached 37,000 yuan / ton, the market was still more inquiry and less transaction, and some low-priced sources did not see replenishment buying, so that the holders gradually gave up the price
.
Although there are still a few days to pass for the delivery goods to enter the market, some holders may take precautions or shift the focus of the premium
downward.
The intraday Shanghai copper 1610 contract oscillation rose slightly to 37220 yuan / ton, accompanied by a slight increase in Shanghai copper positions, indicating that bulls actively intervened in the dip, and when the long-short divergence increased, the bulls were mainly temporarily superior
.
In view of the fact that copper has not effectively fallen below the technical support below, it is recommended that short-term operations still need to be cautious, and the Shanghai copper 1610 contract can be 37,000 yuan as the dividing line, and it is prudent to hold
more than once before it falls below.
