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Today's Shanghai copper main contract 1610 contract rushed back down, falling to 37790 yuan / ton at the end of the day, down 0.
4% from yesterday's closing price, down 1.
72% from the intraday high of 38450 yuan / ton, indicating heavier
selling pressure above.
At present, Shanghai copper is still running on the oscillation finishing platform in the past week, and the long and short are facing a direction decision
.
In terms of external trading, today's Asian market London copper extended the overnight decline, of which 3-month London copper fell 0.
43% to 4865 US dollars / ton, at present London copper continues to try to break through the high oscillation finishing platform that has lasted for nearly two weeks, and the upper rebound resistance focuses on 5050 US dollars / ton
.
In the past week, Luncopper's position has increased and decreased again, indicating that long-short trading has been repeated
.
Macro: The core PCE price index in the United States rose 1.
6% year-on-year in June, in line with expectations, but still below the inflation target of 2%, the dollar index once again fell 0.
76% to 95, the Asian dollar index traded around 95.
2, but overnight U.
S.
crude oil futures contracts continued to fall 0.
9%, and U.
S.
crude oil futures continued to decline in the past three weeks, falling 14.
6%, partially suppressing base metals market sentiment
.
In terms of market: on August 3, Shanghai electrolytic copper spot reported a premium of 30-130 yuan / ton, and the transaction price of flat water copper was 37780-37900 yuan / ton
.
Shanghai copper high consolidation, now copper discount quotation again
.
The market is good copper supply is tight, the holders are reluctant to sell, the quotation has been rising, and at the same time, traders have a strong atmosphere of inquiry and take the initiative to buy
.
Downstream purchases are light, fear of heights is still the main reason, it is expected that the market trade is good copper premium or still strong
.
In terms of news: It is reported that the "start-up" service project of China Steel Group Australia Rocklands copper beneficiation project jointly undertaken by Jinchuan Group Information and Automation Engineering Company, ore processing plant, maintenance branch and other companies has received good news - the copper beneficiation process has been completed and copper concentrate has been successfully produced
.
Today's Shanghai copper 1610 contract oscillation fell to 37790 yuan / ton, under pressure from U.
S.
crude oil futures, but in view of the relatively weak US dollar index and copper futures have not effectively broken through the recent oscillation finishing platform, it is recommended that short-term operations still need to be cautious, Shanghai copper 1610 contract can be backed above 37500 yuan cautiously long, the target is 38800 yuan / ton
.
