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Last Friday, LME copper fell to pullback, as of 15:00 Beijing time, 3-month London copper was reported at 5992.
50 US dollars / ton, down 0.
17%
on the day.
The main 1908 contract of Shanghai copper opened low and fluctuated, with the highest 47210 yuan / ton and the lowest 46840 yuan / ton during the day, and the closing price of 47010 yuan / ton, down 0.
17% from the closing price of the previous trading day; The trading volume was 157,200 lots, an increase of 20,596 lots per day, and the position was 222,100 lots, a daily decrease of 7,394 lots
.
The basis was expanded to 40 yuan/ton; The price difference of Shanghai copper in 1908-1909 remained at -50 yuan / ton
.
Market focus: (1) The final annualized quarterly rate of US real GDP in the first quarter was 3.
1%, slightly lower than the expected value of 3.
2%.
U.
S.
jobless claims for the week ended June 22 came at 227,000, higher than the expected 21.
8
.
(2) On Thursday, 75% of workers at Chile's Chuquicamata copper mine finally accepted Codelco's latest contract proposal, ending a two-week strike action that had a greater impact
on copper supply in Chile.
(3) The White House announced that Trump's Osaka meeting with Xi Jinping will begin
at 10:30 a.
m.
Beijing time on Saturday.
Spot analysis, on June 28, spot 1# electrolytic copper quotation 46980-47120 yuan / ton, the average price fell 50 yuan / ton
from the previous trading day.
On the last settlement day of June of the semi-year, the market activity is low, fully showing the characteristics of the month-end and mid-year settlement, and the active consignees are mostly traders with funds and downstream customer groups, and the low-price receipt is prepared
for the next week's cross-month transaction.
At present, the source of imported copper stored by various enterprises in the market is not very sufficient, and next week, after entering July, the shackles of funds are lifted, and the spot premium may remain stable at the current premium level
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,089 tons last Friday, an increase of 2,539 tons per day; On June 27, LME copper stocks were 241175 tons, down 525 tons per day, down for 9 consecutive days; In the week ended June 28, copper cathode stocks on the Shanghai Futures Exchange were 146019 tons, an increase of 11,272 tons, the first increase after 12 consecutive weeks
.
The main 1908 contract of Shanghai copper opened low and fluctuated
during the day.
The weaker U.
S.
dollar index component supported copper prices, and the market was more cautious
ahead of the G20 meeting.
In addition, the Chilean copper mine strike subsided, ending the two-week strike activity, and the market's concerns about copper mine supply eased, limiting the upward
momentum of copper prices.
In terms of spot, the last settlement day of June of the semi-year, the market activity is low, fully showing the characteristics of the month-end mid-year settlement, and the active consignees are mostly traders with funds and downstream customer groups, and the low-price receipt is prepared
for the transaction after the next week's cross-month.
Technically, the main 1908 contract of Shanghai copper fell back below the 5-day moving average, and the daily MACD red column shortened, and it is expected to seek support in the short term
.
