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LME copper rebounded on Monday, and as of 15:00 Beijing time, the three-month London copper was reported at $5696.
5 / ton, down 0.
45%
on the day.
The main 1909 contract of Shanghai copper opened low and fluctuated, with the highest 46200 yuan / ton during the day, the lowest 45760 yuan / ton, and the closing price of 46060 yuan / ton, down 0.
82% from the closing price of the previous trading day; The trading volume was 209,000 lots, an increase of 76,224 lots per day, and the position was 224,900 lots, an increase of 7,220 lots
per day.
The basis was expanded to -100 yuan/ton; The price difference between Shanghai copper in 1909 and 1910 narrowed to -60 yuan / ton
.
Market focus: China's Caixin services PMI recorded 51.
6 in July, down 0.
4 percentage points from June and the lowest
in five months.
Total new orders growth in the services sector, while remaining strong in July, showed signs of
slowing.
U.
S.
nonfarm payrolls changed by 164,000 in July, with slow job growth and U.
S.
-China trade tensions fueling expectations
that the Federal Reserve will cut interest rates again in September.
Rio Tinto has announced the latest exploration results for its Winu copper mine in Western Australia at a grade of up to 0.
48% copper, and Rio Tinto said that there may be larger mines around the Winu Project
.
Spot analysis: On August 5, spot 1# electrolytic copper was quoted at 45870-46050 yuan / ton, with an average price of 45960 yuan / ton, down 485 yuan / ton
from the previous trading day.
The market inquiry atmosphere is positive, the holders follow the trend to raise the water, the transaction is acceptable, and the downstream enterprises have significantly improved their bargain hunting
.
The import ratio is repaired, and the window continues to open, affecting the receiving sentiment of traders, but the current imported copper inventory has not increased significantly, and short-term holders will still maintain the current willingness
to rise.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 67,472 tons, an increase of 2,075 tons per day; On August 2, LME copper stocks stood at 286,600 tonnes, down 1,200 tonnes
per day.
In the week ended August 2, copper cathode stocks on the Shanghai Futures Exchange were 155971 tons, a weekly increase of 6,782 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 69046 lots, a daily increase of 1295 lots, short positions are 80150 lots, a daily increase of 3165 lots, net short positions are 11104 lots, a daily increase of 1870 lots, long and short are increased, and net space increases
.
Market research and judgment: On August 5, the main force of Shanghai copper 1909 opened
low.
The sharp increase in uncertainty in the global trade situation, the rise of market pessimism, coupled with the increase in midstream copper inventories and weak downstream demand, put pressure on copper prices, while upstream copper mine supply is still tight, which partially supports
copper prices.
In terms of spot, the market inquiry atmosphere is positive, the holders follow the trend to raise the water, the transaction is acceptable, the downstream enterprises buy the dip significantly improved, the current imported copper inventory has not increased significantly, short-term holders will still maintain the current willingness
to rise water.
Technically, the main 1909 contract of Shanghai copper MACD green column growth, is expected to continue to be weak
in the short term.
