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On Monday, the main force of Shanghai copper opened at 51640 yuan / ton in the morning, and after the opening, the long position increased to drive copper prices up in the short term, but the upward momentum was insufficient, and the market fell to 51490 yuan / ton
.
After the copper price was low, it recovered slightly and was sideways
around the 51,600 yuan / ton line.
In the second trading session, the center of gravity of Shanghai copper rose, crossing the daily moving average and climbing the intraday high of 51870 yuan / ton, and closing at 51720 yuan / ton
at midday.
In the afternoon, the opening copper price fell back below the daily moving average, the center of gravity stabilized at 51630 yuan / ton, and closed at 51600 yuan / ton, down 200 yuan / ton, or 0.
39%.
In terms of external disk, Apanlon copper opened at 6410.
5 US dollars / ton
.
After the opening of Shanghai copper, bulls entered the market to pull copper prices up to $6450 / ton, and then fell back to $6430 / ton winding daily moving average sideways
.
The bulls offensive resumed, and London copper climbed to the intraday high of 6471 US dollars / ton, but due to the limited upward momentum, London copper turned down, and the shock fell to 6411 US dollars / ton
.
After testing the lower, London copper rebounded about $20/mt, but continued bearish pressure sent the market down
again.
As of 17:00, London copper closed at $6417/ton, up $17/ton, or 0.
27%.
At present, Sino-US relations continue to ferment, investors' risk aversion has increased, the US dollar index has continued to fall and hit a 22-month low, and the flow of funds to base metals has helped copper prices rise
.
In terms of the market, Shanghai copper under pressure of 52,000 yuan / ton along the 51,700 yuan / ton line consolidation, intraday market focus around the current month and the next month's bills, holders holding the current month's ticket willingness to hold the price slowed down, holding the current month's ticket opening quotation flat water copper premium 60 ~ 70 yuan / ton, good copper about 100 yuan / ton, difficult to trade, the market demand for bills weakened, the holder's quotation was lowered, good copper concentrated trading around the premium 80 ~ 90 yuan / ton, flat water copper mostly around the premium 40 yuan / ton -60 yuan / ton
。 This month's long order has come to an end, the monthly ticket has gradually withdrawn from the mainstream stage, most of the transactions in the day revolve around the demand for the next month's ticket, and the transaction activity of the next month's invoice occupies the mainstream
.
The downstream of the intraday market maintained rigid demand, still mainly wait-and-see, and the market trading was dominated
by trade speculators.
The overall trend of Shanghai copper was stable during the day, the macro aspect was still dragged down by Sino-US tensions, and the intensification of geopolitical risks led to a continuous recovery of market risk aversion to put pressure on copper prices, but the macroeconomic environment continued to improve, and the manufacturing PMI in Europe and the United States rose above the boom and bust line in July.
From a fundamental point of view, the supply problem caused by the epidemic in South America still exists, customs data show that Peru's copper concentrate imports in June decreased by 28.
75% year-on-year, and the short-term tight supply of the mine also supported copper prices to remain high
.
