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Trade Service
LME copper traded sideways on Tuesday, and as of 15:01 Beijing time, the three-month London copper was at $5942.
5 / ton, up 0.
03%
on a daily basis.
The main 1908 contract of Shanghai copper continued to be weak, with the highest 47120 yuan / ton, the lowest 46540 yuan / ton, and the closing price of 46610 yuan / ton, down 1.
58% from the closing price of the previous trading day; The trading volume was 157,800 lots, a daily decrease of 33,086 lots, and the position was 218,600 lots, a daily decrease of 1,300 lots
.
The basis was expanded to 30 yuan/ton; The price difference between Shanghai copper in 1908-1909 widened to -40 yuan / ton
.
In the market focus, the ISM manufacturing PMI in June actually recorded 51.
70, better than the expected value of 51; the final Markit manufacturing PMI in June was revised up to 50.
60 from 50.
10, still lower than the previous value of 52.
1
.
The final Eurozone manufacturing PMI for June came in at 47.
6, missing the previous reading of 47.
7 and expectations of 47.
8, marking the fifth consecutive month of deterioration in the eurozone manufacturing sector
.
ICSG's latest monthly report shows that global copper mine production in the first quarter of 2019 fell by 1.
3% year-on-year, with copper concentrate production falling by 1%.
Global refined copper production also fell by 1.
1%
in the first quarter of this year.
Apparent copper consumption rose 0.
8 percent in the first quarter, partly due to a 4 percent increase in consumption in China, but global consumption excluding China fell by 2 percent
.
Spot analysis, on July 2, spot 1# electrolytic copper quotation 46600-46680 yuan / ton, the average price of 46640 yuan / ton, down 685 yuan / ton
from the previous trading day.
Holders quoted firmly, market inquiries were active, and downstream transactions improved
slightly from the previous day.
The market supply is not loose, especially good copper is still tight, coupled with some downstream bargain buying, it is difficult to have room for price reduction in the day, it is difficult to receive low-priced supplies, the market inquiry atmosphere is active, there is a willingness to buy, the performance of cargo holders is more persistent, and there is still room for further push
.
Warehouse receipt inventory, Shanghai copper warehouse receipts on Tuesday totaled 64,688 tons, a daily increase of 924 tons; On July 1, LME copper stocks were 240,900 tons, down 500 tons
per day.
The main 1908 contract of Shanghai copper continued to be weak
during the day.
The good progress made in the meeting between China and the United States is gradually digested, while the United States said it will impose new tariffs on the European Union, the strong performance of the US dollar index weighed on copper prices, while China's economic data performed poorly, and copper prices remained under
pressure in a weak downstream demand environment.
In terms of spot, the firm quotations of cargo holders, coupled with some bargain buying orders downstream, make it difficult to have room for price reduction, it is difficult to receive low-priced sources, and the market inquiry atmosphere is active
.
Technically, the main 1908 contract of Shanghai copper fell below the moving average group, the red column of the daily MACD indicator was greatly shortened, and the K value of the KD indicator crossed the D value downward, which is expected to run weakly in the short term
.
