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On Friday, London copper rushed back down, since breaking through the previous adjustment platform of 5650-5700 US dollars / ton, the performance is relatively strong, Asian city London copper around 5750 US dollars / ton in the morning around 5750 US dollars / ton slightly oscillated, in the afternoon London copper quickly broke through 5800 US dollars / ton pressure upward
.
The main 1708 contract of Shanghai copper, after stepping back on 46000 support during the session, surged sharply near the end of the afternoon, breaking through the recent high of 46600 and closing strongly at 46690 yuan / ton
.
On the macro front, data from the U.
S.
Department of Commerce last week showed that the annualized total of new home sales in the United States in May was 610,000, better than the expected 590,000, and the new home sales data was better to support copper prices
.
Domestically, the growth rate of national fixed asset investment from January to May was 0.
3 percentage points lower than that from January to April; the growth rate of national real estate development investment from January to May was 0.
5 percentage points lower than that from January to April; the growth rate of broad money (M2) was 0.
9 and 2.
2 percentage points lower than the end of last month and the same period last year, respectively, and the financial deleveraging effect gradually appeared
.
Overall, the pressure of the domestic economic slowdown remains
.
In terms of the market, Shanghai copper rebounded, the fluctuation range during the copper period was only within 50 yuan / ton, some hedging orders were trapped, holders were forced to maintain the previous day's discount level shipments, flat water copper and good copper only 10-20 yuan / ton price difference, conducive to good copper transactions, wet brands are also abundant, the market first appeared next month's bill supply, and the current month's note price difference is not obvious, middlemen due to insufficient discount wait-and-see, downstream on-demand delivery, transaction activity decreased
compared with the previous day.
Copper prices have been fluctuating in a narrow range around 45,000 recently, with obvious support
at 44,500 yuan / ton.
Today's volume and price are rising, the main 1708 copper price quickly broke through the early shock platform, and the later stage may launch a round of sprint 48500 rebound
.
In terms of operation, yesterday it was recommended to adjust around 46000 to adjust long, today it is recommended to adjust the night trading to rely on 46500 to go long, long short-term stop loss 46200, medium target 48500
.
On the supply side, negotiations between Freeport McMulan and the Indonesian government for a new agreement for the Grasberg copper-gold mine are ongoing; Peruvian miners plan to start an indefinite nationwide strike on July 19; Zambia's copper production in 2017 is expected to rise to 850,000 tonnes, up from 770597 tonnes
last year, Zambia's vice president said Thursday.
London copper fluctuated higher on Friday and then retreated, closing with a long upper shadow of the white candle
at the close.
Domestic night trading low opening volatility, expected short-term volatility trend, short-term wait-and-see mainly
.
The above information is for investment reference only and is not used as a basis
for entering the market.
