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Today's Shanghai copper main contract 1708 bottomed out again, basically recovered the intraday decline, intraday trading at 46430-46750 yuan / ton, the end of the day closed at 46720 yuan / ton, slightly down 0.
21% per day, the current Shanghai copper daily closing price is close to the high set on May 2 this year, and effectively running above the moving average group, further confirming that the short-term long-short competition is dominated
by bulls winning.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1708 contract and the 1709 contract remained at 100 yuan / ton
.
In the external market, the Asian market London copper oscillation rebounded, but the rise was limited, of which the 3-month London copper operating range was 5831-5779 US dollars / ton, up 0.
41% to 5825 US dollars / ton, the technical support below focused on the 5700 US dollars / ton integer mark
.
In terms of positions, on June 23, the position of London copper was 333,000 lots, a slight decrease of 426 hands per day, and last week's Lun copper position reduction rose, indicating that the bears who entered the previous week actively reduced their positions and left the market
.
Macro: The Asian dollar index oscillated slightly and is now trading around
97.
3.
U.
S.
preliminary durable goods orders fell 1.
1% m/m in May, beating expectations of a 0.
6% decline and a 0.
9%
decline in the previous month.
In addition, data from the National Bureau of Statistics showed that the profits of industrial enterprises above designated size from January to May this year increased by 22.
7% year-on-year, and the growth rate slowed down by 1.
7% from January to April, of which the non-ferrous metal smelting and rolling processing industry increased by 57.
5%.
In the copper sector, CEO Steven Din said on Thursday that Vedanta Resources plans to quadruple its Zambian copper mine production to 400,000 tonnes
over the next three years.
In terms of the market, on June 27, Shanghai electrolytic copper spot traded at a discount of 170 yuan / ton - 120 yuan / ton for the current month's contract, a flat water copper trading price of 46220-46320 yuan / ton, and a premium copper trading price of 46240-46340 yuan / ton
.
There are differences between the holders, the size of the enterprise determines the willingness to ship, some shipments enthusiasm increases, the current copper discount still shows an expansion trend, the market circulation is dominated by the source of monthly notes, middlemen rarely enter the market, downstream demand maintenance, the market is still subject to funds and end-of-quarter factors, transactions are scarce, and the supply and demand sides are slightly tug-of-war
.
The Shanghai copper 1708 contract oscillated back to 46720 yuan / ton during the day, further confirming that the short-term long-short competition is dominated by the long win, and can still follow the trend
.
In terms of operation, it is recommended that the Shanghai copper 1708 contract can be backed above 46,300 yuan to bargain long, the entry reference is around 46,600 yuan, and the target is 47,300 yuan
.
