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On Tuesday, the main contract of Shanghai copper 1709 fell into a high finishing, a short rest, intraday trading at 50460-50100 yuan / ton, a slight decline of 1.
05% per day, but the current daily closing price of Shanghai copper is close to the high since February 13 (50800 yuan / ton) in the year, still effectively stabilized above the moving average group, but short-term need to be wary of technical pullback demand
.
In terms of term structure, the copper market maintained a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1708 contract and the 1709 contract narrowed to 130 yuan / ton
.
Externally, Asian copper fell slightly under pressure, with 3-month copper falling 0.
31% to $6,353/ton, the first decline in nine trading days, but still close to the high set on May 11, 2015.
In terms of positions, on July 28, the position of London copper was 344,000 lots, an increase of 2,141 hands per day, and for five consecutive days, the increase of London copper positions rose, indicating that the popularity of the copper market was higher, and the bulls gradually gained the upper hand
.
On the macro front, the Asian dollar index rebounded weakly, still trading near relative lows, close to the low set on May 2 last year
.
In addition, China's Caixin manufacturing PMI rose to 51.
1% in July, up 0.
7% month-on-month, hitting a four-month high, and manufacturing operations improved for two consecutive months, reversing a slight slowdown in May
.
In the copper industry, the output of ten non-ferrous metals in the country in the first half of the year was 27.
6 million tons, a year-on-year increase of 7.
2%, and the growth rate increased by 7.
1 percentage points
year-on-year.
Among them, copper output was 4.
36 million tons, an increase of 8.
1% and an increase of 0.
5%.
In terms of the market, on August 1, Shanghai electrolytic copper spot traded at a discount of 100 yuan / ton - 60 yuan / ton for the monthly contract, the trading price of flat water copper was 50020-50180 yuan / ton, and the transaction price of premium copper was 50040-50200 yuan / ton
.
In the morning market, Shanghai copper first suppressed and then rose, entering the first trading day of August, the market did not have a large number of low-price sellers, the market quotation was stable, traders inquired positively, some long-term order demanders have the willingness to receive goods, but it is difficult to reduce prices, it is difficult to find low-priced sources, the downstream has not fully entered the market, and still maintains just need to purchase
.
There is only a price difference of 10-20 yuan / ton between good copper and flat water copper, and the tug-of-war between supply and demand continues
.
During the day, the Shanghai copper 1709 contract oscillated to 50180 yuan / ton, and the 50,000 mark continued to stabilize, partly driven by the rise in the black series, but after the short-term continuous rise, it is necessary to pay attention to the demand for technical pullbacks, and it is necessary to be cautious
when chasing long at a high level.
In operation, it is recommended that the Shanghai copper 1709 contract can be sold high and low in the range of 50000-51200 yuan, and the stop loss is 500 yuan / ton
each.
