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On Monday, the main contract of Shanghai copper 1809 fell sharply from the high, trading at 50400-49320 yuan / ton during the day, and closing down to 49360 yuan / ton at the end of the day, close to the intraday low, down 1.
46%
on the day.
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 1808 contract and 1809 contract narrowed to 80 yuan / ton, indicating that the willingness of forward contracts to rebound declined
.
In the external market, Asia Lun copper fell under pressure, trading range of 6277-6162 US dollars / ton, of which as of 15:37 Beijing time, 3-month London copper reported 6194 US dollars / ton, down 0.
8%
on a daily basis.
In terms of positions, as of July 26, the position of London copper was 309,000, a daily decrease of 384 lots, and the recent rise in London copper positions showed that bears actively took profits on
dips.
In terms of the market, on July 30, Shanghai electrolytic copper spot traded at a discount of 60 yuan / ton - 20 yuan / ton for the current month's contract, the transaction price of flat water copper was 49700 yuan / ton - 49850 yuan / ton, and the trading price of premium copper was 49720 yuan / ton - 49870 yuan / ton
.
Shanghai copper opened high and low, the yuan depreciated again in the morning and fell sharply above 6.
8450, the import window was closed, most of the imported copper entered last week has been digested, and the subsequent market entry will stagnate
again.
Morning market holders are willing to sell at a high price, the quotation discount 60 ~ discount 20 yuan / ton, the receivers are mostly traders, and the favor of flat water copper is slightly higher than that of good copper, the number of shipments is reduced compared with last week, and the transaction is
deadlocked.
But after two days at the end of the month, the transaction is expected to improve
after the week.
On the macro front, the Asian dollar index fell under pressure and is now trading around 94.
6, partly weighed
down by the weaker-than-expected GDP growth rate in the second quarter of the United States.
In addition, the yuan traded at 6.
8131 against the dollar, the highest since
June 27 last year.
In the absence of key economic data in the evening, the market may tend to be cautious
.
In the industry, the Escondida union, the world's largest copper mine, rejected the proposal or went on strike
.
During the day, the Shanghai copper 1809 contract fell under pressure to 49360 yuan / ton, as the US GDP growth in the second quarter was less than expected, and concerns about Sino-US trade escalation remained, which will still weigh on the global economic growth prospects
.
At the same time, the US dollar index maintained a high level, short-term need to be vigilant of technical correction after the continuous rebound, it is recommended that the Shanghai copper 1809 contract can be sold high and low between 50000-49100 yuan / ton, and the stop loss is 450 yuan / ton
each.
