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LME copper rose sharply on Friday, and as of 15:01 Beijing time, the three-month London copper was quoted at $6104 / ton, up 2.
30%
per day.
The volume of the main 1909 contract of Shanghai copper rose, with the highest 48040 yuan / ton and the lowest 46800 yuan / ton during the day, and the closing price was 47970 yuan / ton, up 2.
54% from the closing price of the previous trading day; The trading volume was 37.
52 lots, an increase of 235,000 lots per day, and the position was 298,200 lots, an increase of 54,800 lots
per day.
The basis narrowed to -310 yuan/ton; The price difference between Shanghai copper in 1908-1909 narrowed to -100 yuan / ton
.
Market Focus: New York Fed President Williams said Thursday that central bankers need to act
quickly and forcefully when interest rates are low and economic growth is slowing.
The FOMC is widely expected to cut interest rates
at its July 30-31 meeting.
Zambia's copper production fell to 393419 tonnes from January to June, compared with 410919 tonnes
a year earlier, data released Thursday showed.
It said the decline in production was mainly due to lower ore taste, but full-year output is likely to exceed last year's level
.
The Chilean Copper Council lowered its 2019 copper price forecast from $3.
05 to $2.
89 per pound
.
Spot analysis, on July 19, spot 1# electrolytic copper quotation 47540-47780 yuan / ton, the average price of 47660 yuan / ton, up 880 yuan / ton
from the previous trading day.
Copper is afraid of heights, inhibiting market transactions, spot buying is weak, and holders take the initiative to reduce prices to seek transactions
.
In the second trading session, in the environment of difficult to exchange for cash, the willingness of holders to realize was further improved, and the quotation continued to be lowered, and the downstream transaction was weak
.
Short-term capital promotion is obvious, copper prices show a strong trend, but the spot market is afraid of heights, traders speculate cautiously, downstream actual consumption is dismal, and the characteristics of strong and weak expectations are obvious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,143 tons on Friday, a daily decrease of 3,002 tons; On 18 July, LME copper stocks were 298025 tonnes, down 1,575 tonnes
per day.
In the week ended July 19, the stock of copper cathode on the Shanghai Futures Exchange was 154,520 tons, an increase of 9,241 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1909 contract are 91695 lots, a daily increase of 15349 lots, short positions are 101954 lots, a daily increase of 17417 lots, a net short position of 10259 lots, a daily increase of 2068 lots, both long and short increases, and net space increases
.
The main 1909 contract of Shanghai copper rose
during the day.
The Fed's dovish signal is strong, interest rate cut expectations are strengthening, the US dollar is under pressure, while increased upstream copper mine supply concerns and downstream copper prices have supported copper prices, although copper inventories continue to increase, which has put some pressure
on copper prices.
In terms of spot, spot buying is weak, holders take the initiative to reduce prices to seek transactions, downstream transactions are weak, short-term funds are obviously promoted, copper prices show a strong multi-trend, but the spot market is afraid of heights, traders are cautious, and downstream actual consumption is dismal
.
Technically, the trading volume of the main 1909 contract of Shanghai copper increased by about 230,000 lots every day, and the daily MACD red column increased significantly, and it is expected that the short-term trend
is strong.
