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On Thursday, the Shanghai copper main 1808 contract continued its weak volatility trend, continuing to run below the 60-day moving average, closing at 51640 yuan, up 0.
1%.
The trading volume of the Shanghai Copper Index increased by 44,780 lots to 373,000, while the position decreased by 970 lots to 659,000 lots
.
The top 20 domestic long positions in the Shanghai copper 1808 contract increased their holdings by 62 lots to 55127 lots; The top 20 domestic short positions reduced their holdings by 1,005 lots to 60,140 lots
.
In terms of the market, Shanghai electrolytic copper spot contract reported a discount of 200 yuan / ton - 150 yuan / ton, flat water copper trading price of 51330 yuan / ton - 51400 yuan / ton, and premium copper trading price of 51370 yuan / ton - 51430 yuan / ton
.
The intraday discount has narrowed, and market inquiries remain positive, but traders are trading more cautiously, and the overall trading performance is average
.
In terms of inventory, overall, refined copper stocks are slightly higher than the same period
in recent years.
Considering the rapid growth rate of China's smelting capacity this year, domestic production from January to May increased by 300,000 tons compared with last year, and this inventory level can be said to be relatively benign.
In early June, global explicit stocks increased by 288,000 tons compared with the beginning of the year, and domestic stocks (including bonded areas) increased by 148,000 tons, and the global high has fallen by 4.
9% and domestic by 2.
2%.
At present, the overall downstream start is higher than the same period of previous years, and the refined waste substitution is tilted more to the refined copper end, and the inventory will continue to decline
.
Chile's state-owned copper producer Codelco plans to double
its sales of copper cathodes in the United States and Europe.
Due to high logistics costs, competitiveness has been lost in these regions over the past few years
.
Refining production will be increased in China, and ahead of the start of its annual sales campaign, Codelco has begun conversations with customers in China and beyond, hoping to increase sales in China and elsewhere and focus on selling more to
a handful of strategic customers.
For now, base metals have been boosted by Trump's decision not to take the toughest measures on Chinese investment and reduce conflict between the two sides
.
With the easing of macro risks, copper prices are expected to stop falling and stabilize in the short term, but the current downstream demand is weak, spot maintains a large discount structure, the futures price rebound to suppress, copper ore news calm, copper prices lack of favorable promotion, is expected to maintain short-term range shock, Shanghai copper main fluctuations of 51500-52500 yuan / ton
.
FYI
.
