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Today's Shanghai copper main contract 1710 rose strongly, trading at 51460-50450 yuan / ton during the day, and closing at 51310 yuan / ton at the end, up 1.
7% per day, breaking through the high oscillation platform for more than a week, increasing long chips
.
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 1709 contract and the 1710 contract widened slightly to 190 yuan / ton
.
In the external market, the Asian market London copper oscillation rose slightly, intraday volatility is lower than Shanghai copper, of which the 3-month London copper traded at 6515-6454 US dollars / ton, up slightly 0.
29%, still close to the high set on November 27, 2014, short-term continue to pay attention to technical pullback demand
.
In terms of positions, on August 7, the position of London copper was 345,000 lots, a daily decrease of 758, and the recent increase in London copper positions for four consecutive weeks, copper price oscillations stabilized, indicating that bulls gradually occupy the advantage, long confidence climbed
.
On the macro front, the dollar index rebounded overnight, weakly trading around
93.
6 in early trading.
In addition, China's July CPI rose 1.
4% year-on-year, lower than the expected 1.
5%, maintaining 1 era for five consecutive months, while the July PPI rose 5.
5% year-on-year, 5.
6% expected, and the data showed that domestic inflationary pressures were moderate and very controllable
.
In the copper industry, customs data showed that Japan's JXTG cut its annual production target for Chile copper mines, due to unexpected interruptions in output due to power outages in May, and the company expects copper concentrate production of 110,000 tons in the fiscal year ending March 31 next year, down from 130,000 tons
expected in May.
In terms of the market, on August 9, Shanghai electrolytic copper spot traded at a discount of 50 yuan / ton - 20 yuan / ton for the monthly contract, and the trading price of flat water copper was 50730-50810 yuan / ton
.
Due to the rise in copper prices, some buyers and sellers were trapped, and there was no choice but to quote premiums in the morning market, especially good copper, but the market is difficult to recognize
.
The basis spread expanded to nearly 200 in the next month, the premium was slowly lowered and returned, and the quotation of wet copper discount of 140 yuan / ton -130 yuan / ton opened the price difference with flat water copper, and some importers expanded the discount of flat water copper to seek transactions
.
Copper is strong, the target is close to 51,000 yuan / ton, spot trading is significantly suppressed, downstream is afraid of heights and cautious wait-and-see, today's transaction is still mostly spot arbitrageurs
.
The Shanghai copper 1710 contract rose strongly to 51310 yuan / ton during the day, effectively breaking through the oscillation finishing platform for more than a week, increasing long chips, but its rise was still weaker than aluminum and nickel, due to the lack of key upward momentum
.
In terms of operation, it is recommended that the Shanghai copper 1710 contract can be backed above 50,700 yuan to bargain more, enter the market for reference around 51,000 yuan, and target 52,500 yuan / ton
.
