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LME copper fluctuated upwards on Monday, and as of 15:00 Beijing time, the three-month London copper was at $5980.
5 / ton, up 0.
34%
on a daily basis.
The main 1909 contract of Shanghai copper also fluctuated to the upside, with the highest 47020 yuan / ton, the lowest 46530 yuan / ton, and the closing price of 46910 yuan / ton, up 0.
51% from the previous trading day's closing price; The trading volume was 15.
40 lots, an increase of 38,184 lots per day, and the position was 250,100 lots, an increase of 14,148 lots
per day.
The basis was reduced to -110 yuan/ton; The price difference between Shanghai copper in 1908-1909 widened to -50 yuan / ton
.
Market focus, the National Bureau of Statistics announced that China's GDP in the second quarter was 6.
2% year-on-year, 6.
2% expected, and 6.
4% in the previous month; China's second-quarter GDP was 1.
6% month-on-month, 1.
5% expected and 1.
4%
prior.
According to data from the General Administration of Customs, China's imports of copper ore and its concentrate in June were 1.
467 million tons, down 20.
1% month-on-month and 16.
5% year-on-year; The import volume of unwrought copper and copper products in June was 326,000 tons, down 9.
7% month-on-month and 27.
2%
year-on-year.
Spot analysis, on July 15, spot 1# electrolytic copper quotation of 46670-46930 yuan / ton, the average price of 46800 yuan / ton, up 140 yuan / ton
from the previous trading day.
During the day, the price of the 1908 contract was 10-60 yuan / ton, and the inquiry atmosphere was active after the market stopped for a short time, attracting traders to enter the market, and the quotation rose slightly to around
70-80 yuan / ton in an active and positive atmosphere.
Spot transactions are acceptable, mostly concentrated among traders, premium from the low level of transactions, weekend did not see concentrated storage, especially good copper supply is tight, will drive other brands are expected to rise back to the original operating premium range of 40-100 yuan / ton
.
Warehouse receipt inventory, the total number of Shanghai copper warehouse receipts on Monday was 65,923 tons, a daily decrease of 823 tons; On July 12, LME copper stocks were 288,200 tonnes, down 1,800 tonnes
per day.
In the week ended July 12, copper cathode stocks on the Shanghai Futures Exchange were 145279 tons, an increase of 4,375 tons
per week.
The main 1909 contract of Shanghai copper fluctuated to the upside
during the day.
The Fed cut interest rates at the end of the month or there is no suspense, the US dollar continues to weaken, and the tight supply of upstream copper mines continues to accumulate, which is positive for copper prices, but the decline in copper imports shows that downstream demand is weak, forming some pressure
on copper prices.
In terms of spot, the market briefly stopped after the inquiry atmosphere was active, attracting traders to enter the market, spot transactions are acceptable, mostly concentrated among traders, premium from the low level of trading, weekend did not see centralized storage, especially good copper supply is tight
.
Technically, the main 1909 contract of Shanghai copper MA5 crossed MA10 on the daily line, and the MACD indicator appeared a golden cross, which is expected to be strong in the short term
.
