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June 20 Shanghai copper morning review

 Last Update: 2022-12-02
 Source: Internet
 Author: User

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On Friday, the Shanghai copper 1608 contract opened low at 35410 yuan / ton, and after the opening shock hit 35540 yuan / ton, and then fell to a narrow range near the 5-day line, and finally Shanghai copper closed at 35320 yuan / ton, down 10 yuan / ton
.
Shanghai copper low opening step down, maintaining weak shock, is expected to operate
within 35300 yuan / ton to 35600 yuan / ton today.

Shanghai copper

Market: On June 17, Shanghai electrolytic copper spot reported a premium of 80-120 yuan / ton, and the transaction price of flat water copper was 35530-35610 yuan / ton
.
The current copper discount report is basically unchanged
from yesterday.
Flat water copper continued to be sold at a high price during the day, and the low-priced flat water copper supply of 80 yuan / ton was limited, and the good copper maintained a premium of 110-120 yuan / ton, and some traders received and handed over long orders, preferring flat water copper and wet copper
.
Downstream purchases are rare, and transactions are still concentrated among
traders.
Although the inquiry atmosphere is strong, the transaction is still weak
.

Summary of views: The main Shanghai copper contract oscillation fell slightly to 35,320 yuan on Friday, as China's year-on-year rise in refined copper production in May partially offset the pressure on the US dollar index, while CFTC speculative headroom climbed further, indicating that speculative funds are actively bearish on copper prices, which is not conducive to its rebound
.
It is recommended that the Shanghai copper 1608 contract can sell high and low between 35600-35000 yuan, and the stop loss is 350 yuan / ton
each.

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