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As of 15:00 Beijing time, the three-month London copper was reported at $5948 / ton, down 0.
28%
on the day.
The main 1909 contract of Shanghai copper opened high and fluctuated, with the highest 46690 yuan / ton and the lowest 46420 yuan / ton during the day, and the closing price of 46590 yuan / ton, up 1.
11% from the closing price of the previous trading day; The trading volume was 17.
18 lots, a daily decrease of 48,778 lots, and the position was 234,400 lots, a daily decrease of 13,304 lots
.
The basis was expanded to -50 yuan/ton; The price difference of Shanghai copper in 1908-1909 narrowed to -60 yuan / ton
.
Market focus, overnight Fed Chairman Jerome Powell made dovish comments, the market believes that this month's rate cut has been confirmed, and increased expectations
of a 50 basis point rate cut this month.
In May 2019, China's copper demand prosperity index was 96.
2, up 7.
2 points
from the previous month.
The May index was distributed in the "normal" range (95.
7-104.
2).
The 10th batch of restricted imports of copper scrap and scrap application list publicized 124,450 tons, which is the second batch of enterprise directories and quantities
approved since the implementation of import license requirements in the "waste six categories" on July 1.
Spot analysis, on July 11, spot 1# electrolytic copper quotation of 46500-46580 yuan / ton, the average price of 46540 yuan / ton, up 670 yuan / ton
from the previous trading day.
After the rebound, the market buying strength weakened, the market under the premise of high saturation, the transaction was difficult, and the holders took the initiative to lower the quotation
.
The uncertainty of the macro environment has increased, consumption is difficult to block the market alone, the high level inhibits some downstream buying sentiment, the enthusiasm of market transactions is weakened, and the transaction enthusiasm is obviously not as good as the previous day, and then there is a deadlock pattern
.
Warehouse receipt inventory, Shanghai copper warehouse receipts totaled 67,017 tons on Thursday, a daily increase of 4,212 tons; On July 10, LME copper stocks were 293525 tonnes, down 2,500 tonnes
per day.
The main position, the top 20 long positions of Shanghai copper main 1909 contract were 74060 lots, minus 1760 lots per day, 76927 short positions, minus 4358 lots per day, 2867 net short positions, minus 2598 lots per day, both long and short were reduced, and net space was reduced
.
The main 1909 contract of Shanghai copper opened high and fluctuated
during the day.
Overnight, the Fed issued comments, the dollar fell, positive copper prices, but downstream copper prices continued to decline, indicating weak demand, copper prices have limited
upward momentum.
In terms of spot, after the rebound of the market, the market buying strength weakened, the market under the premise of high saturation, the transaction was difficult, and the holders took the initiative to lower the quotation
.
Technically, the main 1909 contract of Shanghai copper jumped high and oscillated, paying attention to the pressure of the upper 20-day moving average, and it is expected to run in a short-term shock
.
