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LME copper stopped falling slightly on Monday, finding support
at the 5800 mark.
As of 15:05 Beijing time, the three-month London copper was reported at $5822.
5 / ton, up 0.
26%
on a daily basis.
The main 1908 contract of Shanghai copper fluctuated and declined, trading at 46350-46040 yuan / ton during the day, and closing at 46150 yuan / ton at the end of the day, down 0.
41% from the closing price of the previous trading day; The trading volume was 122,000 lots, a daily decrease of 7,558 lots, and the position was 249,000 lots, an increase of 8,522 lots
per day.
The basis narrowed to 0 yuan/ton; The 1907-1908 price spread of Shanghai copper still narrowed to -30 yuan / ton
.
In the market focus, the Asian dollar index fluctuated slightly higher, now trading at 97.
546, up 0.
09%, and found support
above the 30-day moving average.
During this period, ECB Executive Director Kohl said that the eurozone is structurally weak and lingering vulnerabilities will not disappear
anytime soon.
At the same time, Bank of America said that the Fed may cut interest rates to near zero by the end of next year, providing support
for the dollar.
In the spot market, the spot 1# electrolytic copper quotation on June 17 was 46080-46220 yuan / ton, and the average price was 340 yuan / ton
lower than the previous trading day.
According to reports, the holders obviously have a strong willingness to raise prices, the morning market tried to quote in the premium 30-liter 80 yuan / ton, due to the widening of the price difference in the next month compared with last week, resulting in a significant increase in spot premium compared with last week, most of the market doubts are on the sidelines, holders in the case of abundant supply, temporarily difficult to digest, flat water copper to 10-liter 20 yuan / ton, the market generally believes that when consumption burnout, the water adjustment after the month is the trend
.
In terms of inventory, the total number of Shanghai copper warehouse receipts was 66,577 tons, an increase of 973 tons per day; As of June 14, LME copper stocks were 252425 tons, with a weekly increase of 40,850 tons, a new high in nearly a year; As of the week ended June 14, the stock of cathode copper on the Shanghai Futures Exchange was 139556 tons, down 6,070 tons weekly, falling for 11 consecutive weeks to a new low
since the week of February 1.
During the day, the main 1908 contract of Shanghai copper fell in volatility and fell back below
the moving average group.
During the period, it was mainly weighed down by the firmness of the dollar index, and better than expected US retail sales data on Friday supported the dollar index to move sharply higher
.
Copper stocks are reduced internally and externally, and in terms of spot, the supply is abundant, and most of the market is waiting and waiting to digest for the time being, and consumption burnout
.
Technically, the KDJ indicator of the main contract of Shanghai copper crosses downwards, and focuses on the 46000 mark support
below.
In operation, it is recommended that the Shanghai copper 1908 contract can be sold high and low between 46600-46000 yuan / ton, and the stop loss is 300 yuan / ton
each.
