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Market review, base metals fell across the board on Wednesday, of which the Shanghai nickel 1811 contract fell 2.
39%, the decline was higher, and the Shanghai copper decline was also closely followed, the Shanghai copper 1810 contract opened low and went low, and the decline expanded significantly, trading at 49560-48240 yuan / ton during the day, closing at 48550 yuan / ton at the end of the day, down 2.
25% on the day, and the daily closing price hit a new low
in nearly a month.
In the external market, as of 15:15 Beijing time, the three-month Lun copper was reported at 5941 US dollars / ton, down 1.
67% on a daily basis, for four consecutive days
.
At present, copper prices have chosen to break down, and the downside is expected to be further opened
.
In terms of spot, on August 15, Shanghai electrolytic copper spot reported a premium of 10-liter 70 yuan / ton for the monthly contract, and the transaction price of flat water copper was 48840-48940 yuan / ton
.
The monthly price difference between the morning interval is still flat and fluctuates between 20 yuan / ton, the price difference does not fluctuate much, and the spot contract quotation for the month is 30-60 yuan / ton
.
At present, the market is fully quoted for 1809, and the quotation remains unchanged at 40-70 yuan / ton, and the quotation in the current month is almost fully discounted
.
The offshore yuan fell above 6.
90 during the day, the import window showed signs of profitability, and cargo holders performed positively
.
Although there are dip buying downstream, they are still slightly cautious
in the face of a sharp decline.
On the macro front, the Asian dollar index extended its recent rally, rising further to around 96.
7, reaching a high of 96.
874, a new high
for the year.
Although the Turkish lira has stabilized in the past two days, the market is worried that the risk of Turkey's plunge will gradually have a negative impact on the euro area economy, and the EUR/USD dollar is under pressure
.
Watch for US retail sales data for July
.
On the industry side, Chile's Escondida copper miners will submit their latest proposals to union members to avoid planned strikes
.
Overall, copper futures fell under pressure, fell below the recent oscillation operating range, and the short-term downward trend was initially established, mainly suppressed by the US dollar index hitting new highs in the year and the poor performance of China's economic indicators
.
At the same time, the delay in the strike of the two major copper mines in Chile also increased the risk
of copper prices falling.
Operationally, it is recommended that the Shanghai copper 1810 contract can be backed by 49,300 yuan below the sky, and the entry reference is around 48,800 yuan, and the target is 47,800 yuan / ton
.
