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On Wednesday, the main contract of Shanghai copper 1808 continued to fall under pressure, closing at 53530 yuan / ton at the end of the day, and trading at 54030-53430 yuan / ton within the day, down 0.
82%
on the day.
At present, copper prices have effectively stabilized above the moving average group, and the short-term upward pattern has maintained well
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1807 contract and 1808 contract remained at 190 yuan / ton
.
Externally, Asian Lun copper continued to fall under pressure, including as of 15:35 Beijing time, 3-month London copper was reported at 7179 US dollars / ton, down 0.
49% on a daily basis, and short-term copper prices rose to around 7300 US dollars / ton into high oscillations, showing long and short trading cautious
.
In terms of positions, as of June 11, the position of London copper was 346,000, a sharp increase of 5,676 hands per day, and the increase in positions of London copper fell, indicating that the difference between long and short has increased, and the bears have a temporary advantage
.
In terms of the market, on June 13, Shanghai electrolytic copper spot traded at a discount of 60 yuan / ton - 10 yuan / ton for the monthly contract, and the trading price of flat water copper was 53180-53240 yuan / ton
。 Near delivery liter discount did not see an upward adjustment, the spot market stalemate unchanged, the main reason is that there is more inventory, market consumption is weak, trade market activity is also difficult to increase, the basis of the next month fell to about 160 yuan / ton, the market continued the previous day's quotation, discount 60-10 yuan / ton, after 11 o'clock, the decline intensified, almost 53,000 yuan / ton, downstream still remain on the sidelines, no active buying, holders of quotations are also unchanged, some traders have a low price, but the pressurable space is limited, supply and demand sides continue to see-of-war, The market is lackluster
.
On the macro front, the Asian dollar index oscillated and is now trading around
93.
86.
The US CPI recorded an annual rate of 2.
8% in May, the largest increase since February 2012 and slightly better than the expected 2.
7%, indicating that inflationary pressures have risen, providing a solid hammer
for the Fed's June rate hike.
At present, the market is focused on the Fed's June interest rate meeting, focusing on whether the Fed will signal to accelerate the pace of interest rate hikes
.
In terms of industry, it is reported that the processing and refining fee for imported copper concentrate at Chinese smelters last week was 77-84 US dollars / ton, 7.
7-8.
4 cents / pound, up from 76-83 US dollars / ton and 7.
6-8.
3 cents / pound in the previous week, due to the increase in domestic copper concentrate supply after the closure of a smelter in India
.
During the day, the Shanghai copper 1808 contract continued to fall to 53530 yuan / ton under pressure, as copper prices continued to rise and faced the risk of technical pullback, but the short-term copper market rebound pattern remained good, and the operation maintained a pullback to
buy.
It is recommended that the Shanghai copper 1808 contract can be backed above 53,000 yuan to bargain long, the entry reference is around 53450 yuan, and the target is around
54300 yuan.
