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Today's Shanghai copper main contract 1708 oscillation rebound, partly driven by the strong rise of ferrous metals, intraday trading at 46020-45630 yuan / ton, up 0.
28%, the daily closing price is close to the level of May 26 this year, but the upper side is still facing M60, that is, 46300 yuan / ton suppression
.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1707 contract and the 1708 contract narrowed to 40 yuan / ton
.
In terms of external trading, Asian market London copper around 5730 US dollars / ton around a narrow range, of which the 3-month London copper operating range of 5745-5695 US dollars / ton, slightly down 0.
31% to 5745 US dollars / ton, the upper rebound resistance focus on 5850 US dollars / ton, its technical form is slightly stronger than Shanghai copper
.
In terms of positions, on June 12, the position of London copper was 349,000 lots, an increase of 7,500 hands per day, which was a fourth consecutive day of increase.
Macro: The Asian dollar index fluctuated in a narrow range, trading around
96.
97.
The Fed's interest rate decision will be announced in the early hours of tomorrow morning, and expectations of interest rate hikes are on the high
side.
In addition, key indicators such as China's industrial added value and fixed asset investment growth rate released today in May were stronger than expected, boosting market confidence and benefiting industrial products
.
In the copper industry, new environmental regulations were passed, with Peru last week approving new air and water quality standards, which will double Peru's metal smelting capacity
.
In terms of the market, on June 14, Shanghai electrolytic copper spot traded 45500-45600 yuan / ton for the contract of the month, flat water copper traded 45500-45600 yuan / ton, and premium copper traded at 45520-45620 yuan / ton
。 Holders of goods at high prices to exchange cash, now copper full line discount shipment, and discount quotation further expanded, but due to the close delivery, today's next month basis continues to expand to about 100 yuan / ton, coupled with the middleman due to the existence of some long order delivery demand, into the market to receive goods, but there is little speculative receipt, resulting in the holder is still more entangled, after the flat water copper discount to the level around 60 yuan / ton, unwilling to do too much discount adjustment, downstream is still waiting for the operation after the month change, the transaction has not seen significant improvement
.
The Shanghai copper 1708 contract rebounded to 45,960 yuan / ton during the day, partly driven by the strong rise of ferrous metals, while China's stronger-than-expected key economic indicators in May also brought some upward momentum, but long and short trading was cautious
before the Fed's interest rate decision was announced.
In terms of operation, it is recommended that the Shanghai copper 1708 contract can be sold high and low between 45800-46500 yuan, and the stop loss is 450 yuan / ton
each.
