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Today's Shanghai copper main contract 1708 under pressure pullback, the decline is greater than zinc aluminum and weaker than Shanghai nickel, intraday trading at 47420-46830 yuan / ton, the end of the day closed at 46920 yuan / ton, down 1.
22%, from this round of rebound high pullback 1.
57%, the current Shanghai copper is still effectively running above the moving average group, the rebound pattern remains
.
In terms of term structure, the copper market maintained a positive arrangement of near low and high high, and the positive price difference between Shanghai copper 1708 contract and 1709 contract narrowed to 90 yuan / ton
.
In the external market, Asia Lun copper fell under pressure, of which the 3-month London copper operating range was 5912-5686 US dollars / ton, down 0.
69% to 5874 US dollars / ton, and the technical support below was 5800 US dollars / ton
.
In terms of positions, on June 30, the position of London copper was 335,000 lots, an increase of 2,484 hands per day, and the reduction of London copper positions rose in the past two weeks, indicating that the bears who entered the previous week continued to actively reduce their positions and leave the market
.
On the macro front, the Asian dollar index fluctuated in a narrow range around 96, basically maintained its overnight rally, and is now trading around
96.
1.
In addition, the final Markit manufacturing PMI in the United States in June was 52, the lowest since September 2016, and the expectation was 52.
1, compared with a preliminary value of 52.
1, and the data showed that the pace of US manufacturing expansion slowed
.
In terms of the copper industry, Tongling Nonferrous Metal disclosed on the evening of July 3 that the production system of the Shaxi copper mine purchased by the company was basically completed, and on July 1, 2017, the heavy-duty linkage test of the Shaxi copper mine with an annual output of 3.
3 million tons was successfully
carried out.
In terms of the market, on July 4, Shanghai electrolytic copper spot traded at a discount of 50-10 yuan / ton for the monthly contract, a flat water copper trading price of 46900-46980 yuan / ton, and a premium copper trading price of 46920-47000 yuan / ton
.
Morning market holders are further narrowing the discount according to yesterday afternoon's quotation, flat water copper quotation discount of about 50 yuan / ton, wet copper discount of about 100 yuan / ton, good copper discount of about 30 yuan / ton, after the plate retreat, the holder's willingness to narrow the discount is stronger
.
In the second trading session, good copper has reported a discount of 10 yuan / ton, flat water copper discount of 40-30 yuan / ton, the transaction is active, it is difficult to find the trace of wet copper, and the holder is willing to sell and raise the price
.
Intraday trade speculators dominate, and overall market conditions remain warm
.
The basis of the next month has been received within 100 yuan, and the spot is expected to be converted into a premium
.
The Shanghai copper 1708 contract pulled back to 46920 yuan / ton under pressure during the day, partly suppressed by the demand for technical pullback after the recent sustained rise
.
However, given the rebound pattern of copper in the future, it is necessary to be cautious
about its pullback space in the short term.
In operation, it is recommended that the Shanghai copper 1708 contract can be backed above 46,500 yuan to bargain long, enter the market around 46,800 yuan, and target 47,500 yuan
.
