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On Tuesday, the main contract of Shanghai copper 1609 contract fluctuated in a narrow range around 38200 yuan / ton, trading at 38650-37830 yuan / ton during the day, and closing at 38160 yuan / ton at the end of the day, down slightly 0.
05% from yesterday's closing price, but the current Shanghai copper is still effectively running above M60, and the rebound pattern remains good
.
In the external market, Asian Lun copper fell slightly, of which 3-month London copper fell slightly by 0.
24% to 4934 US dollars / ton, the current London copper still continues to high oscillation finishing, the lower support focus on 4900 US dollars / ton
.
Macro: The Asian dollar index has stabilized and is now trading around 97.
3, and the market is currently focused on Wednesday's Fed interest rate decision, and there are expectations of interest rate hikes, which put pressure
on the base metals market.
Information: It is reported that Anglo American's small EL Saldado copper mine in Chile canceled the strike on Friday, and labor and management reached an agreement, which began
on July 8.
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
.
Intraday Shanghai copper 1609 contract fell under pressure to 38160 yuan / ton, as the US dollar index remained high and China's stimulus policy expectations were not fulfilled, but in view of the copper futures still maintain the upward pattern that began last week, the rally or not over, it is recommended to follow the trend to do long, 1609 contract can be backed by 37800 yuan above the pullback to buy, the entry reference around 38100 yuan, the target focus on 39000 yuan / ton
.
