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Today's Shanghai copper main contract 1609 contract continued to fall under pressure, closing down to 37380 yuan / ton, down 1.
08% from yesterday's closing price, because after copper prices continued to rise, bulls' profit-taking demand has not been fully released
.
In terms of external trading, today's Asian Lun copper fell under pressure for the third consecutive day, but the pullback range narrowed significantly, of which 3-month London copper only fell slightly by 0.
22% to 4807 US dollars / ton, the current London copper effectively stabilized above the moving average group, technically still indicates that there is still room for growth
.
Macro: China's Caixin composite PMI in June reached its lowest in four months, with manufacturing output falling at the sharpest pace since February, with poor data reigniting
concerns about the outlook for domestic industrial metal demand, data showed.
Abroad, overnight, in order to resist the risk of Brexit, the Bank of England lowered the UK's countercyclical capital buffer ratio from 0.
5% to zero, and the pound hit a record low against the US dollar
.
In addition, this week, the market is focused on the June non-farm payrolls data due on Friday, which is expected to be better than May
.
In terms of market: today's Shanghai electrolytic copper spot reported a premium of 10-60 yuan / ton, and the transaction price of flat water copper was 37320-37380 yuan / ton
.
The basis narrowed in the following month, it was difficult to mention that traders were happy, copper prices did not fall to the downstream psychological price and continued to wait and see
.
Approaching delivery, the cargo holder expects to report a good copper premium of more than 50 yuan / ton, which can drive the flat water copper premium to report
.
Although traders prefer low-quality flat water copper when purchasing, which makes today's flat water copper report 10-liter water premium 20 yuan / ton, but the lack of transaction makes it difficult to improve
the flat water copper premium.
Today's Shanghai copper 1609 contract fell under pressure to 37380 yuan / ton, as copper prices continue to rise or face technical pullback pressure, short-term market long sentiment is excited, need to pay attention to the change
in investment sentiment.
It is recommended that the Shanghai copper 1609 contract can be sold high and low between 37,000-38,000 yuan, and the stop loss is 350 yuan / ton
each.
