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LME copper fell slightly on Tuesday, and as of 15:00 Beijing time, the three-month London copper was at $5879.
0 / ton, down 0.
01%
on the day.
The main 1909 contract of Shanghai copper opened high and weakened, with the highest 46570 yuan / ton and the lowest 46110 yuan / ton during the day, and the closing price was 46190 yuan / ton, down 0.
43 from the previous trading day's closing price; the trading volume was 133840 lots, an increase of 37600 hands per day; the position was 229,900 lots, an increase of 8856 hands
per day.
The basis was reduced to 15 yuan/ton; The price difference between Shanghai copper in 1908-1909 widened to -20 yuan / ton
.
Market focus, at 22:10 Beijing time on Tuesday, St.
Louis Fed President Bullard will speak, as one of the most dovish members of the Fed, Brad's speech has attracted much attention
.
Chilean mining giant Antofagasta signed a TC long order with Jiangtong and Tongling Nonferrous Metals for the first half of 2020, with a price of mids-60 (around $65/ton), approaching the smelter's profit and loss line
.
The price of the long order TC signed by Jiangtong and Antofagasta in 2019 was 80.
8 US dollars / ton, and 82.
25 US dollars / ton
in 2018.
Spot analysis, on July 9, spot 1# electrolytic copper quotation 46160-46250 yuan / ton, the average price of 46205 yuan / ton, down 205 yuan / ton
from the previous trading day.
Weak spot consumption, bearish bearish future, strong willingness to exchange cash, few and difficult transactions, loose supply of goods makes the premium fall rapidly, individual traders take the lead in increasing low-price shipments, which has a certain drag on the market, can lower prices to a lower level; There is no large number of bargain buying orders downstream, and traders are more active in inquiry, but they are slightly hesitant to buy, and traders have room and willingness
to suppress prices.
Futures fell at the same time, and the copper market was weak
.
Warehouse receipt inventory, Shanghai copper warehouse receipts on Tuesday totaled 61,500 tons, a daily increase of 1,269 tons; On July 8, LME copper stocks were 298,300 tons, down 4,675 tons
per day.
The main 1909 contract of Shanghai copper opened higher and weaker
during the day.
The US non-farm payrolls data is strong, expectations of a sharp interest rate cut by the Federal Reserve in July weaken, the dovish Bullard will speak, the dovish intention is expected to close, the bullish US index, while downstream copper prices continue to decline, indicating weak demand, copper prices continue to come under pressure
.
In terms of spot, spot consumption is weak, holders are bearish on the market, the willingness to exchange cash is strong, the transaction is small and difficult, the easing of supply makes the premium fall rapidly, and individual traders take the lead in increasing low-price shipments, which has a certain drag on the market, and can lower the price to a lower level
.
Technically, the main 1909 contract of Shanghai copper continues to be under pressure on the 30-day moving average, and the green column of the daily MACD indicator grows, which is expected to run weakly in the short term
.
