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LME copper fluctuated higher on Tuesday, and as of 15:38 Beijing time, the three-month London copper was quoted at $6,023 / ton, up 0.
41%
on a daily basis.
Shanghai copper main 1909 contract shock adjustment, the highest intraday 47100 yuan / ton, the lowest 46790 yuan / ton, the closing price of 46910 yuan / ton, up 0.
00% from the previous trading day's closing price; The trading volume was 12.
15 lots, a daily decrease of 32,452 lots, and the position was 244,900 lots, a daily decrease of 5,196 lots
.
The basis was expanded to -20 yuan/ton; The price difference of Shanghai copper in 1908-1909 narrowed to -60 yuan / ton
.
Market focus, at 20:30 Beijing time on Tuesday, the United States will release retail sales data for June, the market expects an increase of 0.
2%, the previous value rose 0.
5%.
U.
S.
Treasury Secretary Steven Mnuchin said he expected to hold another phone call with state officials this week as part of
resuming negotiations on a trade deal.
Opponents of Southern Copper's Tia Maria copper project blocked major coastal highways, making it unlikely that construction would begin anytime soon despite obtaining a construction permit from the Peruvian government due to local opposition
.
Spot analysis, on July 16, spot 1# electrolytic copper quotation 46840-46940 yuan / ton, the average price of 46890 yuan / ton, up 90 yuan / ton
from the previous trading day.
The morning market inquiry atmosphere is active, traders' willingness to receive goods is obvious, the price pressure atmosphere is strong, some flat water copper can be actively traded in the first line of flat water, good copper is difficult to have a low price space, the market low price source transaction is active; Downstream maintains rigid demand
.
Market transactions are mainly contributed by traders' buy-and-sell periods, and paying attention to the subsequent source of goods will determine the development trend
of premiums.
Warehouse receipt inventory, Shanghai copper warehouse receipts on Tuesday totaled 64217 tons, a daily decrease of 1706 tons; On July 15, LME copper stocks were 285825 tonnes, down 2,375 tonnes
per day.
The main position, the top 20 long positions of Shanghai copper main 1909 contract were 76215 lots, minus 3069 hands per day, short positions were 83352 lots, daily minus 1025 lots, net short positions were 7137 lots, a daily increase of 2044 lots, long and short were reduced, and net space increased
.
Intraday Shanghai copper main 1909 contract shock adjustment
.
Sino-US trade negotiations have progressed, while upstream copper processing fees TC continued to decline to $57.
5 / ton, copper mine supply concerns increased, which was positive for copper prices, but downstream copper imports declined, indicating weak downstream demand, which put some pressure
on copper prices.
In terms of spot, the market inquiry atmosphere is active, the willingness of traders to receive goods is obvious, the atmosphere of price reduction is strong, and the transaction of low-price sources in the market is active; Downstream maintains rigid demand
.
Technically, the main 1909 contract of Shanghai copper runs above the 20-day moving average, and the daily MACD red column grows, and the short-term volatility is expected to be strong
.
In operation, it is recommended that the Shanghai copper 1909 contract can be long at 46900 yuan / ton light position, and the stop loss is 46500 yuan / ton
.
