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On Wednesday, the main contract of Shanghai copper 1808 rushed back down, showing that the upper selling pressure was heavier, trading at 51930-51620 yuan / ton during the day, and closing at 51640 yuan / ton at the end, down 0.
29% on the day, falling below the main moving average group, and the technical support below focused on 51000 yuan / ton
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near, low and far high, and the positive price difference between Shanghai copper 1808 contract and 1809 contract widened to 160 yuan / ton
.
In terms of external trading, Asia Lun copper continued to fall under pressure, trading range of 6737-6679 US dollars / ton, of which as of 15:40 Beijing time, 3-month London copper reported 6682 US dollars / ton, down 0.
67% per day, last week London copper weekly fell 2.
59%, for two consecutive weeks
.
In terms of positions, as of June 22, the position of London copper was 321,000, a daily decrease of 2,878 lots, which was a decline for two consecutive days, and the copper price reduced its position and fell, indicating that long and short positions were reduced on the
sidelines.
In terms of the market, on June 26, Shanghai electrolytic copper spot reported a discount of 210 yuan / ton - 150 yuan / ton for the contract of the month, and the trading price of flat water copper was 51200-51350 yuan / ton
。 Shanghai copper pressure 51500 yuan / ton weak shock, market buying is sluggish, transaction is sluggish, the initial quotation of the holder market discount 200-150 yuan / ton is not attractive, good copper took the initiative to lower the quotation to a discount of about 170 yuan / ton, flat water copper helplessly fell more than 200 yuan / ton to partially attract buying, wet copper expanded to a discount of about 300 yuan / ton, the downstream consumption of the market continues to be weak, trade flow is bargaining to receive the appropriate amount, the capital situation of enterprises determines their willingness to trade, The trend of expanding the discount after the week may be difficult to contain
.
On the macro front, the Asian dollar index fluctuated in a narrow range around 94.
6, basically maintaining the 0.
4% gain recorded overnight
.
According to data from the National Bureau of Statistics, the total profit of industrial enterprises above designated size in the country from January to May this year was 2.
72983 billion yuan, an increase of 16.
5% year-on-year, and the growth rate was 1.
5% faster than that from January to April, but the year-on-year growth rate in May was 21.
1%, slowing down from April, making the market worried that Sino-US trade tensions will put pressure
on China's economy.
In terms of industry, it is reported that Chinese smelters' imported copper concentrate TC/RC fees were $81-87/mt, 8.
1-8.
7 cents/lb, up from the previous week, and much higher than the $70-76/mt at the end of April, 7-7.
6 cents/lb, due to ample supply of copper concentrate in the market and slowdown
in procurement activities by Chinese smelters.
During the day, the Shanghai copper 1808 contract oscillated to 51640 yuan / ton, and is currently barely closing around M60, short-term or here to start an oscillation trend, but due to Sino-US trade concerns remain, and the dollar index remains relatively strong, the rebound is expected to be limited
.
It is recommended that the Shanghai copper 1808 contract can be backed by 52300 yuan below the sky, the entry reference is around 51900 yuan, and the target is 51200 yuan
.
