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Trade Service
On Monday, the main contract of Shanghai copper 1609 rose strongly, undertaking the night market rally on Friday, closing at 38410 yuan / ton at the end of the day, up 2.
98% from last Friday's closing price, and the daily closing price hit a new high
since March 18 this year.
Externally, Asian Lun copper extended its recent rally, but the performance was weaker than Shanghai copper, of which 3-month London copper slightly fell 0.
68% to 4939 US dollars / ton, for the sixth consecutive day of gains, the current London copper effectively stabilized above the moving average group, technically still indicates that there is still room
for growth.
Macro: The dollar index oscillated slightly overnight, now trading around 95.
7, and the upper rebound resistance focuses on 96.
5
.
In addition, the final Markit manufacturing PMI in June was 51.
3, lower than the preliminary reading but slightly higher than expected, indicating that the US manufacturing sector maintained expansion
.
This week's focus is on the US non-farm payrolls data for June, which is expected to be more positive, which is conducive to the strengthening
of the dollar index.
In terms of market: Shanghai electrolytic copper spot reported a discount of 20-liter water 30 yuan / ton, flat water copper transaction price of 38040-38260 yuan / ton
.
Now the copper rise discount has fallen slightly, but the downstream buying interest is extremely weak, and the fear of heights has not receded
.
The supply of copper market continues to be sufficient, and imported low-end brands take the lead in dumping goods
.
However, as the basis widened to around 100 yuan / ton the following month, some traders bought copper
at low prices.
The overall intraday market conditions were weak, supply and demand were relatively deadlocked, and Monday's characteristics were obvious
.
The continued strong market made it difficult to improve
the trading interest in the spot market.
The Shanghai copper 1609 contract rose strongly to 38410 yuan / ton during the day, but copper prices may face technical pullback pressure after continuing to rise, and the market is long-term in high mood, ignoring the suppression of China's poor manufacturing PMI performance in June
.
It is recommended that the Shanghai copper 1609 contract can reduce its holdings around 39,000 yuan, and focus on the Jianlong opportunity
to pull back to around 38,000 yuan.
