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Today's Shanghai copper main contract 1609 contract fell into a high oscillation sorting, the end of the day stabilized at 37220 yuan / ton, slightly down 0.
11% from yesterday's closing price, the daily closing price is close to the high set on May 4 this year
.
In the external market, today's Asian Lun copper oscillation declined, of which 3-month London copper fell 0.
28% to 4810 US dollars / ton, but at present, London copper effectively stabilized above the moving average group, technically still indicates that there is still room
for growth.
Macro: The Asian dollar index extended its overnight decline and fell further to around
95.
9.
U.
S.
GDP in the first quarter rose 1.
1% annualized quarterly, better than expected and prior, improving the outlook
for copper demand to some extent.
China's Caixin manufacturing PMI
for June will be released this Friday.
In terms of market: on June 29, Shanghai electrolytic copper spot reported a premium of 10-50 yuan / ton, and the transaction price of flat water copper was 36980-37180 yuan / ton
.
The quotation of Shanghai copper premium in the morning market continued to decline slightly compared with yesterday, there were many quotations, and the willingness to cash out was obvious, but the response was weak, there were many wait-and-see, and trading was weak
.
As copper falls, the premium is further loosened, inquiries increase, middlemen favor some sources with higher cost performance, close low premium sources for long-term transactions, or part of the buy and sell period, the downstream market entry rate is very low, and the transaction activity in the last two trading days at the end of the month is difficult to improve
.
Industry: Japan's refined copper exports in May increased by 31.
6% year-on-year to 52,022 tons, of which the cumulative export volume of refined copper from January to May was 266348 tons, an increase of 18.
2%
year-on-year.
Today's Shanghai copper 1609 contract oscillation stabilized to 37220 yuan/mt, stabilizing above M60, as the market pinned on the Chinese government's stimulus policy to counter the risk of
Brexit.
It is recommended that the Shanghai copper 1608 contract can be cautiously held above 36900 yuan, and the target is around
37800 yuan.
