July 26 Shanghai copper morning review

Market: On July 25, Shanghai electrolytic copper spot reported a discount of 50-liter water 20 yuan / ton, and the transaction price of flat water copper was 38020-38100 yuan / ton
.
Good copper in the morning market reported a premium of 10 yuan -20 yuan / ton, and the price of flat water copper with higher cost performance was about 30 yuan / ton at the discount, but some low-end imports such as FMS, FHG, etc.
were quoted at a discount of 50 yuan / ton, dragging down the market transaction slightly
.
Intraday traders sold wet copper at low prices to attract downstream just need to enter the market to receive goods, and the wait-and-see mood was strong on Monday, and the overall market trading was weak
.

In terms of stocks: as of July 25, LME copper stocks reported 221,350 tons, down 1,375 tons from last Friday, hitting a low since July 7 this year, but higher than the average inventory value of 190,000 tons during the year; At the same time, as of July 22, the previous Shanghai copper inventory reported 174971 tons, down 2,228 tons from last week, close to the year's low of 155235 tons, and far below the average inventory value of 256613 tons
during the year.

Overnight, the main force of Shanghai copper continued to fall to 37790 yuan / ton, weighed down by the Fed's interest rate hike concerns, but has not effectively fallen below the high oscillation finishing platform built last week, and Shanghai copper is still running above
the moving average group.
It is recommended that the Shanghai copper 1609 contract can be cautious above 37300 yuan, enter the market around 37650 yuan, and target 38500 yuan
.