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Trade Service
On Tuesday, the main contract of Shanghai copper 1808 continued to fall under pressure, but the decline narrowed, trading at 51710-51200 yuan / ton during the day, and closing at 51490 yuan / ton at the end of the day, down 0.
12% on the day, falling to around M60, short-term or oscillating trend
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1807 contract and 1808 contract narrowed to 140 yuan / ton
.
In the external market, the Asian market London copper oscillation rose slightly, trading range of 6743-6707 US dollars / ton, of which as of 16:00 Beijing time, 3-month London copper reported 6738 US dollars / ton, up 0.
51% daily, last week London copper weekly fell 2.
59%, for two consecutive weeks
.
In terms of positions, as of June 22, the position of London copper was 329,000, a daily decrease of 4,888 lots, and after the copper price fell, the position was mainly reduced, indicating that long and short positions were reduced on the sidelines
.
In terms of the market, on June 26, Shanghai electrolytic copper spot traded at a discount of 200 yuan / ton - 130 yuan / ton for the monthly contract, and the trading price of flat water copper was 51030-51200 yuan / ton
.
Holders accelerated the speed of cash exchange, quotations were positive, and the morning market reported a discount of 180-130 yuan / ton
.
Near the end of the month, the financial pressure is heavier, the holders strive to complete the transaction, and it did not take long for the quotation to further expand to flat water copper discount 200-180 yuan / ton, good copper discount as low as 170-150 yuan / ton, a small number of downstream bargain buying prefer low-priced wet copper, wet copper quotation discount of about
280 yuan / ton.
There is still a small number of monthly ticket sources within the day, and the price difference is about
20 yuan / ton.
The end of the month will be the half-year settlement, capital factors dominate the market quotation, the market is pessimistic about the later copper price trend, although the discount has a further expansion trend under the restriction of funds, but the trade activity is difficult to increase
accordingly.
On the macro front, the Asian dollar index fluctuated in a narrow range around 94.
3 and is now trading around 94.
3, marking the fourth consecutive day of correction, down 1.
08%
from the high of 95.
529.
The U.
S.
-China trade crisis escalated again overnight amid reports that the United States was working on plans to prevent companies with at least 25 percent Chinese stakes from acquiring U.
S.
companies
that embraced industry-changing technologies.
In terms of industry, it is reported that Chinese smelters' imported copper concentrate TC/RC fees were $81-87/mt, 8.
1-8.
7 cents/lb, up from the previous week, and much higher than the $70-76/mt at the end of April, 7-7.
6 cents/lb, due to ample supply of copper concentrate in the market and slowdown
in procurement activities by Chinese smelters.
During the day, the Shanghai copper 1808 contract oscillation closed down to 51630 yuan / ton, currently barely closing around M60, short-term or here to start the oscillation trend, but due to Sino-US trade concerns remain, and the US dollar index remains relatively strong, the rebound is expected to be limited
.
It is recommended that the Shanghai copper 1808 contract can be backed by 52300 yuan below the sky, the entry reference is around 51900 yuan, and the target is 51200 yuan
.
