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Shanghai copper 1709 contract opened at 47490 yuan / ton after the long and short scramble for the 5-day moving average, wide range fluctuated at 47400 yuan / ton line, near the close, bulls were discouraged, the main force of Shanghai copper fell back to the daily moving average below the run, closed at 47380 yuan / ton, down 120 yuan / ton, small black line closed
.
The trading volume of the main contract was 61,000 lots, and the position increased by 3,078 lots to 191,000 lots
.
The overall risk sentiment of domestic commodity futures is quite high, and the main force of Shanghai copper may continue to carry out technical adjustments around the 5-day moving average, with a range of 47100-47500 yuan / ton
.
In the spot market, the narrowing of the near delivery basis has led to the narrowing of the discount, and the material discount is 70 to 30 yuan / ton
.
In terms of the market, as of 2017-7-3, the spot price of Shanghai Metal 1# copper is 47195 yuan / ton, up 20 yuan / ton from the previous day, and the discount of the near-month contract is 185 yuan / ton, the market expects the future market discount to further narrow, and some of the receivers are ready to deliver long orders, and the downstream buying still maintains rigid demand, and the market trading breaks the previous week's supply and demand stalemate
.
China announced that the June Caixin manufacturing PMI returned to above the boom and bust line, exceeding expectations to support copper prices high steady, Shanghai copper Monday morning opening showed a slight lower, but the decline is more limited, long funds have a slight reduction signs, technical point of view copper prices can still remain high, into the first trading day of the second half of the year, the off-season effect gradually exerts its effect, demand turns good doubtful, it is expected that Shanghai copper temporarily in the range of 47000-47500 yuan strong shock
.
