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LME copper fluctuated to the upside on Friday, and as of 15:00 Beijing time, the three-month London copper was at $5766.
5 / ton, up 0.
46%
on a daily basis.
The main 1910 contract of Shanghai copper rebounded, with the highest 46550 yuan / ton, the lowest 46320 yuan / ton, and the closing price of 46550 yuan / ton, up 0.
24% from the closing price of the previous trading day; The trading volume was 101,500 lots, a daily decrease of 25,514 lots, and the position was 240,400 lots, an increase of 424 lots
per day.
The basis was reduced to -90 yuan/ton; The price difference between Shanghai copper in 1909 and 1910 narrowed to -60 yuan / ton
.
Market focus: US retail sales recorded 0.
7% m/m in July, the biggest increase in four months, well above the previous reading of 0.
3% and market expectations of 0.
3%.
From January to July 2019, the national real estate development investment was 7,284.
3 billion yuan, a year-on-year increase of 10.
6%, and the growth rate was 0.
3 percentage points
lower than that from January to June.
From January to July, vehicle production totaled 13.
933 million units, down 13.
5% y/y, and sales totaled 14.
132 million units, down 11.
4%
y/y.
China's refined copper (electrolytic copper) output in July was 801,000 tons, a year-on-year increase of 4.
8%; Copper output in July was 1.
685 million tons, an increase of 2.
2%
year-on-year.
Spot analysis: On August 16, spot 1# electrolytic copper was quoted at 46380-46540 yuan / ton, with an average price of 46460 yuan / ton, up 90 yuan / ton
from the previous trading day.
On the first day after the change of month, the market quotation was still strong and pushed, the low premium buying was enthusiastic, traders led the market transaction, the morning market activity was high, the second trading session, copper rose, and the trading market conditions were temporarily suppressed; The enthusiasm for some downstream bargain hunting replenishment during the day was led
by traders.
The overall transaction on the first day of the month continued to improve, the delivery of long orders gradually opened, the willingness of holders to raise prices was strong, and the spot quotation opened low and went high.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 74,273 tons on Friday, a daily decrease of 4,358 tons; On August 15, LME copper stocks stood at 301,750 tonnes, an increase of 29,950 tonnes
per day.
As of the week ended August 16, the stock of copper cathode on the Shanghai Futures Exchange was 162,830 tons, an increase of 6,463 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 71098 lots, minus 1310 lots per day, short positions are 89769 lots, daily minus 110 lots, net short positions are 18671 lots, daily increase of 1200 lots, long and short are reduced, net space increases
.
On August 16, the main force of Shanghai copper 1910 rebounded
.
The U.
S.
dollar index remained firm on the U.
S.
dollar index due to much better-than-expected retail sales data for July, while concerns about upstream copper supply, rising midstream copper inventories, and continued weakness in terminal demand put pressure on copper prices, although the recovery in downstream copper prices partially supported
copper prices.
In terms of spot, on the first day after the change of month, the market quotation was still strong and pushed, the low premium buying was enthusiastic, traders led the market transaction, and the enthusiasm of some downstream bargain hunting replenishment was led
by traders during the day.
Technically, the daily MACD green column of the Shanghai copper main 1910 contract is slightly reduced, focusing on the pressure above the 47000 position, and it is expected that the short-term high will fall
.