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On Monday, the main 2108 contract of Shanghai copper fluctuated and fell, with the highest 69480 yuan / ton and the lowest 68620 yuan / ton within the day, and the closing price of 68740 yuan / ton, down 0.
87% from the previous trading day's closing price; LME copper opened low and went low, as of 15:00 Beijing time, the three-month London copper was reported at $9369 / ton, down 0.
83%
on the day.
Market focus: (1) US retail sales rose 0.
6% m/m in June, well above expectations of -0.
3%.
(2) The NDRC said that it will continue to organize subsequent batches of copper, aluminum, zinc and other national reserves, and pay close attention to abnormal fluctuations
in market prices.
Spot analysis: On July 19, spot 1# electrolytic copper quotation 69020-69420 yuan / ton, the average price was 69220 yuan / ton, down 475 yuan / ton
daily.
The sentiment of holding prices is not reduced, downstream consumption maintains just need to purchase, the overall transaction is general, and the transaction is light
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 67,279 tons, a daily decrease of 2,000 tons, and a decrease of 24 consecutive days; LME copper stocks were 226,300 tons, up 2,125 tons per day, an increase for seven consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2108 contract 64233, -2151, short positions 71819, -3061, net positions -7586, +910, long and short are reduced, net space is reduced
.
Market research: The US retail sales data for June significantly exceeded expectations, supporting expectations of an acceleration in US economic growth, and the US dollar index ran
strongly.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved; China's copper dumping in June was limited, and the market was on
the sidelines for subsequent batches.
Refinery overhauls have increased recently, production remains constrained, and inventories remain declining; However, the import window is almost open, the pressure of supply imports has increased, and the upward momentum of copper prices is limited
.
Technically, the Shanghai Copper 2108 contract remained range-bound
.
