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Today's Shanghai copper main contract 1610 contract bottomed out, partially cut the overnight decline, but still closed down to 36370 yuan / ton, down 0.
76% from yesterday's closing price, the support level of M200 below is 36448 yuan / ton, the current support is ineffective, but the technical form is slightly stronger than Lun copper
.
In terms of term structure, the copper market showed a positive arrangement of near, low and high, and the positive price difference between the Shanghai copper 1609 contract and the 1610 contract widened to 40 yuan / ton, indicating that the willingness of forward contracts to pull back declined
.
Externally: today's Asian Lun copper rebound weak, showing a rush back down, of which 3 months London copper only slightly rose 0.
09% to 4633 US dollars / ton, the current London copper effectively fell below the support of M200, that is, 4718 US dollars / ton, now running below the moving average group, short-term decline risk increased
.
In the past week, the London copper position reduction oscillation operation (a cumulative decrease of 24,000 lots), indicating that the long and short actively reduced their positions and left the market, and the sentiment of the copper market was very low
.
Macro: Today's Asian dollar index oscillated and sorted, basically maintained overnight gains, but the overall is still running near this month's low, now trading around 94.
7, the current dollar index effectively running below the moving average group, downside risks remain.
In addition, the People's Bank of China restarted the 14-day central bank reverse repurchase for two consecutive days after half a year, reducing the central bank's RRR reduction expectations, and the market performance was disappointed
.
News: China's imports of copper ore and concentrate in July were 1.
38 million tons, up 42.
98% year-on-year, and the cumulative import of copper ore from January to July was as high as 9.
413 million tons, an increase of 35.
22% year-on-year, which was 17 consecutive months, because copper ore imports from Peru were 2.
432 million tons, a sharp increase of 97.
31% year-on-year (the import ratio rose to 25.
8%)
.
Market: Today's Shanghai electrolytic copper spot reported flat water - premium water 50 yuan / ton, flat water copper transaction price 36200-36330 yuan / ton
.
At the opening of the copper full premium, flat water copper reported a premium of 30-40 yuan / ton, while few wet copper quotations 20 yuan / ton
.
However, the pace of downstream dip buying has slightly stalled, causing today's copper premium to fall back to the high, and if there are signs of stabilizing at the low, it may attract further buying into the market
.
Today's Shanghai copper 1610 contract oscillation closed down to 36370 yuan / ton, accompanied by the sharp reduction of Shanghai copper position, showing that the long and short actively reduced their positions and left the market, and the bulls had no confidence
in taking the dip.
In view of the fact that the current copper has fallen below the 37,000 yuan / ton integer mark and the key technical support of M60, and China's refined copper imports in July fell sharply month-on-month, the risk of copper price decline has increased
.
It is recommended that the Shanghai copper 1610 contract can be backed by 37,000 yuan below the high sky, and the entry reference is around 36,500 yuan, with a target of 35,800 yuan
.
