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On Wednesday, the main 2108 contract of Shanghai copper rebounded, with the highest 69810 yuan / ton and the lowest 67900 yuan / ton during the day, and the closing price of 69110 yuan / ton, down 1.
41% from the closing price of the previous trading day; LME copper rebounded sharply, as of 15:00 Beijing time, 3-month London copper was reported at $9477/ton, up 1.
79%
per day.
Market focus: (1) The ISM non-manufacturing PMI in June actually released 60.
1, 63.
5 expected, and 64
previously.
The ISM non-manufacturing employment index in the United States actually released 49.
3 in June vs 55.
3
previously.
Spot analysis: On July 7, the spot 1# electrolytic copper quotation was 68420-68600 yuan / ton, the average price was 68510 yuan / ton, and the daily decline was 1190 yuan / ton
.
Traders purchase on demand, downstream consumption is weak, and overall trading is light
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 85,098 tons, a daily decrease of 3,925 tons, a decrease of 16 consecutive days; LME copper stocks were 212325 tonnes, down 150 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2108 contract 71432, -2429, short positions 75140, -4828, net positions -3708, +2399, long and short are reduced, net space is reduced
.
Market research and judgment: the US ISM non-manufacturing PMI in June was less than expected, in which the employment sub-index fell to the contraction range, triggering market risk aversion, and the US dollar index rebounded sharply; However, there is still room for the Fed to taper asset purchases or raise interest rates, which is conducive to improving market sentiment
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved
.
However, the recent increase in refinery maintenance, coupled with the basic closure of the import window, copper production and imports have declined, domestic inventories have maintained a decline during the off-season, inventory digestion is better than expected, and the center of gravity of copper prices has shifted
.
