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LME copper rushed back down on Wednesday, and as of 15:00 Beijing time, the three-month London copper was reported at $5936.
5 / ton, down 0.
03%
on the day.
The main 1909 contract of Shanghai copper opened low and downward, with the highest 46980 yuan / ton and the lowest 46710 yuan / ton during the day, and the closing price of 46720 yuan / ton, down 1.
10% from the closing price of the previous trading day; The trading volume was 137,600 lots, an increase of 1,190 lots per day, and the position was 229,600 lots, a daily decrease of 1,472 lots
.
The basis was expanded to 120 yuan/ton; The price spread of Shanghai copper from 1909 to 1910 narrowed to -70 yuan / ton
.
Market focus, China's official manufacturing PMI for July 49.
7 vs 49.
6 expected vs 49.
4
prior.
China's official non-manufacturing PMI for July was 53.
7 vs 54 expected and 54.
2
prior.
China's official composite PMI for July was 53.
1 vs 53
previously.
At 02:00 Beijing time on Thursday, the US Federal Open Market Committee (FOMC) will release its interest rate decision and policy statement
.
Spot analysis, on July 31, spot 1# electrolytic copper quotation 46800-46880 yuan / ton, the average price of 46840 yuan / ton, down 465 yuan / ton
from the previous trading day.
The spot morning continued the previous day's quotation premium of 20-60 yuan / ton, and in the morning market, a few large traders shipped a large amount of flat water copper with a premium of 10 yuan / ton, so it attracted some traders to take the initiative to receive goods at low prices; Cargo holders insist on firm quotations; Downstream dip buying increased
.
Copper futures fell sharply, attracting market buying, trading slightly improved from the previous two days, entering August, if funds are abundant, it will promote further rise.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,520 tons on Wednesday, an increase of 550 tons per day; On July 30, LME copper stocks were 292,500 tonnes, down 450 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 71138 lots, minus 1059 lots per day, short positions are 80965 lots, daily minus 2797 lots, net short positions are 9827 lots, daily minus 3856 lots, long and short are reduced, net space is reduced
.
The main force of Shanghai copper in 1909 opened low and downward
during the day.
The Politburo meeting of the CPC Central Committee pointed out that real estate is not used as a short-term means of stimulating the economy, coupled with the easing of upstream copper mine supply concerns, as well as weak downstream demand, the downward pressure on copper prices has increased, while China's July manufacturing PMI data has rebounded, and Sino-US trade negotiations have partially supported
copper prices.
In terms of spot, in the morning market, some large traders shipped a large amount of flat water copper with a premium of 10 yuan / ton, so some traders were attracted to take the initiative to receive goods at low prices; Cargo holders insist on firm quotations; Downstream dip buying increased
.
Technically, the main 1909 contract of Shanghai copper runs below the moving average group, and the daily MACD red column is shortened, and it is expected to run
at a short-term low.
