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Trade Service
On Tuesday, the Shanghai copper main 1809 contract fluctuated around the 5-day moving average, closing at 49830 yuan, down 0.
22%.
The trading volume of the Shanghai Copper Index decreased by 103,000 lots to 399,000 lots, and the position decreased by 17,556 lots to 570,000 lots
.
The top 20 domestic positions in the Shanghai copper 1809 contract increased or decreased their holdings by 1375 lots to 50852 lots; The top 20 domestic positions reduced their holdings by 2904 to 56447
.
In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 20-20 yuan / ton for the month, the transaction price of flat water copper was 49630 yuan / ton - 49700 yuan / ton, and the transaction price of premium copper was 49660 yuan / ton - 49720 yuan / ton
.
In the spot market, the premium has risen, the downstream month-end procurement is restricted by funds, and the transaction is still dominated by traders
' transactions.
In terms of inventories, as of July 30, CONEX copper stocks were 207467 tons, down 1,543 tons from the previous day; As of July 31, LME copper stocks were 254425 tonnes, down 1,850 tonnes from the previous day; Copper stocks in the previous period were 92,640 tons, an increase of 352 tons
from the previous trading day.
More than 85 percent of workers at First Quantum Mining's Cobre Las Cruces copper mine in Spain went on strike because workers wanted the company to pay extra for
some of their "hazardous jobs.
" The strike, which began last Friday, has caused no casualties so far, except that some of the workers' transportation to the mine has been blocked
.
The Cobre Las Cruces copper mine is a complex of open-pit mines and processing plants with copper reserves of approximately 17.
6 million tonnes and an average annual copper production of 72,000 tonnes
.
China's latest official manufacturing PMI for July was less than expected, and the domestic economy was under pressure, and market concerns were highlighted
.
The next 1-2 weeks will hold a mid-year economic work meeting, the market waits to see whether it will release a positive signal, the overall market trading is cautious, copper prices after last week's rebound to repair the market, technical pullback to sort out demand
.
Fundamentals, the Escondida union will vote on quotes this week, and the risk of strikes rises, providing support
for copper prices.
Under the intertwining of long and short, it is expected that short-term copper prices will show a volatile trend
.
FYI
.
