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LME copper rebounded on Wednesday, and as of 15:07 Beijing time, the three-month London copper was reported at $5850.
5 / ton, up 0.
47%
on a daily basis.
The main 1909 contract of Shanghai copper bottomed out, hitting the lowest point of the year, with the highest of 46160 yuan / ton, the lowest 45640 yuan / ton, and the closing price of 46080 yuan / ton, down 0.
24% from the closing price of the previous trading day; The trading volume was 22.
06 lots, an increase of 86,748 lots per day, and the position was 247,700 lots, an increase of 17,882 lots
per day.
The basis narrowed to -210 yuan/ton; The price difference between Shanghai copper in 1908-1909 widened to -30 yuan / ton
.
Market focus, the market is focused on the congressional testimony of Fed Chairman Jerome Powell, in addition, the Fed will also publish the minutes
.
China's Ministry of Commerce said that the leaders of the high-level Sino-US economic and trade consultations spoke on
the evening of the 9th.
Peru's copper production reached 218217 t in May, the highest since 2019, up 16% month-on-month and 1.
9%
from a year earlier.
Spot analysis, on July 10, spot 1# electrolytic copper quotation 45820-45920 yuan / ton, the average price of 45870 yuan / ton, down 335 yuan / ton
from the previous trading day.
According to reports, after the market decline, it attracted downstream enterprises to replenish the low, the market inquired actively in the morning, and traders could trade at a low price; The enthusiasm of some downstream bargain hunting replenishment has increased
slightly compared with the previous two days.
The decline in copper futures stimulated some companies in the market to buy on the dip, downstream transactions warmed up, and trade flow activity also increased, which kept spot premiums stable
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,805 tons on Wednesday, an increase of 1,305 tons per day; On July 9, LME copper stocks were 296025 tonnes, down 2,275 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract were 75820 lots, a daily increase of 4427 lots, short positions were 81285 lots, an increase of 3661 lots, net short positions were 5465 lots, a daily decrease of 766 lots, long and short positions increased, and net space decreased
.
During the day, the main 1909 contract of Shanghai copper bottomed out
.
Fed Chairman Jerome Powell testified before Congress, and due to the previous strong non-farm payrolls data, the market's expectations of aggressive actions by the Fed in the future were suppressed, the dollar continued to rise, while downstream copper copper prices continued to decline, indicating weak demand, copper prices continue to be under pressure, but high-level contacts between China and the United States are positive for copper prices
.
In terms of spot, after the market fell to attract downstream enterprises to replenish the dip, the market inquired actively in the morning, traders can bargain at a low price, and the enthusiasm of some downstream bargain replenishment today has increased
slightly compared with the previous two days.
Technically, the main 1909 contract of Shanghai copper runs below the moving average group, focusing on the 45500 support below, and short-term volatility is
expected.
