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Today's Shanghai copper main contract 1709 rebounded strongly, intraday trading at 47170-46580 yuan / ton, the end of the day closed at 47050 yuan / ton, up 0.
6%, and from the intraday low of 46580 yuan / ton up 1%, the current Shanghai copper 1709 contract compared with June 21-June 30 rise rate cut by 32%, the technical support below focus on 46500 yuan / ton
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1708 contract and the 1709 contract widened slightly to 120 yuan / ton
.
In the external market, the Asian market London copper oscillation rose slightly, but the trading was very light, of which the 3-month London copper operating range was 5863-5820 US dollars / ton, up slightly 0.
1% to 5842 US dollars / ton, and the technical support below focused on 5800 US dollars / ton
.
In terms of positions, on July 7, the position of London copper was 338,000 lots, a daily decrease of 3,762 lots, a cumulative increase of 9,560 lots last week, and the recent increase in London copper positions fell, indicating that the bears have attacked
again.
On the macro front, the Asian dollar index continued to fluctuate in a narrow range around 96.
1, oscillating in a range for a consecutive week, indicating a slight
slowdown in its short-term correction risk.
In addition, the People's Bank of China conducted a 40 billion yuan reverse repurchase operation today, while 460 billion yuan of liquidity expired this week, indicating that the capital situation tends to be tight, and the central bank has suspended open market operations
for 12 consecutive trading days.
In the copper industry, Chilean Zaldivar copper miners voted on Monday to approve a strike after negotiations with management broke down, and the mine is owned by Antofagasta Mining and Barrick Gold, but the government mediation period lasts at least five days before workers can legally go on strike
.
In terms of the market, on July 11, Shanghai electrolytic copper spot reported a discount of 30-liter to 30 yuan / ton for the current month's contract, and the transaction price of flat water copper was 46580-46680 yuan / ton
。 Morning market holders immediately open the price adjustment mode, flat water copper flat water above the quotation has been difficult to have a transaction, good copper maintenance stable at the premium of about 20 yuan / ton, individual large traders a large number of imports of flat water copper shipments for cash, quotation discount of about 30 yuan / ton, rapid price adjustment, the market in a strong inquiry and price pressure atmosphere, traders low price replenishment than yesterday, downstream to maintain rigid demand, wet copper quotation stable, before delivery good copper force support flat water above, flat water copper discount expansion makes today's transaction has improved
significantly.
The Shanghai copper 1709 contract rebounded to 46,920 yuan / ton, partly boosted by the possibility of a strike at Chile's Zaldivar copper mine
.
At present, the copper rebound pattern still exists, and the short-term maintenance of the dip is more than the idea
.
In terms of operation, it is recommended that the Shanghai copper 1709 contract can be backed above 46,300 yuan to bargain long, the entry reference is around 46,700 yuan, and the target is 47,500 yuan
.
