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LME copper fell slightly on Friday, as of 15:00 Beijing time, 3-month London copper was reported at $5889 / ton, down 0.
46%
on the day.
The main 1908 contract of Shanghai copper opened high and weakened, falling into a low consolidation, with the highest of 46520 yuan / ton during the day, the lowest 46220 yuan / ton, and the closing price of 46280 yuan / ton, down 0.
15% from the closing price of the previous trading day; The trading volume was 70,522 lots, and the daily decrease was 24,702 lots; The position was 210,300 lots, an increase of 962 lots
per day.
The basis was reduced to 185 yuan/ton; The price difference between Shanghai copper in 1908-1909 widened to -40 yuan / ton
.
Market focus: On Friday evening, the US non-farm payrolls report after the June quarterly adjustment and the US unemployment rate
for June will be released.
The Congolese army has arrived at the Glencore Congo KOV open-pit copper-cobalt mine after a partial collapse and will close the illegal trading site around the copper mine, which is still operating
normally.
Spot analysis: On July 5, the spot 1# electrolytic copper quotation was 46380-46550 yuan / ton, and the average price was 46465 yuan / ton, down 95 yuan / ton
from the previous trading day.
In the morning, the market continued to quote high premiums, and the market's willingness to receive goods cooled significantly compared with the previous two days, and the transaction stopped, and the holders took the initiative to lower the quotation; Downstream maintenance just needs to buy, but wet copper supply is not much
.
The market is not happy to buy at the weekend, but the willingness of holders to exchange cash has increased significantly, although the inquiry is positive, but the transaction is still deadlocked, and this week's premium is rising day by day or it may be difficult to continue
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 59,296 tons on Friday, a daily decrease of 4,927 tons; LME copper stocks were 271525 tonnes on July 4, down 975 tonnes
per day.
Main positions: Shanghai copper main 1908 contract top 20 long positions 63813 lots, daily minus 547 lots, short positions 76891 lots, an increase of 102 lots, net short positions 13078 lots, daily decrease of 649 lots, more short increase, net space decrease.
The main 1908 contract of Shanghai copper opened higher and weaker
during the day.
The upcoming US non-farm payrolls data will affect market expectations for a July interest rate cut, after cautious market performance and continued weakness in downstream demand, which weakened copper prices
.
In terms of spot, the market continued to quote high premiums, the market's willingness to receive goods cooled significantly compared with the previous two days, the transaction stopped, the holders took the initiative to lower the quotation, and the downstream maintained just need to buy
.
Technically, the main 1908 contract of Shanghai copper continues to run below the moving average group, and the red column of the daily MACD indicator turns to the green column, which is still relatively bearish
.
