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LME copper opened higher on Thursday, and as of 15:00 Beijing time, the three-month London copper was at $5,977 / ton, up 1.
39%
per day.
The main 1908 contract of Shanghai copper fluctuated more, with the highest 46990 yuan / ton and the lowest 46660 yuan / ton during the day, and the closing price of 46930 yuan / ton, up 0.
19% from the closing price of the previous trading day; The trading volume was 136,500 lots, a decrease of 104,000 lots per day, and the position was 244,900 lots, an increase of 936 lots
per day.
The basis was reduced to -100 yuan/ton; The price difference between Shanghai copper in 1907-1908 narrowed to -60 yuan / ton
.
Market focus: (1) The Fed announced at the overnight meeting that it would keep interest rates unchanged, but the Fed said that uncertainties had increased, would closely monitor the information received in the future, and would "take appropriate action" to maintain the economy.
(2) On the sixth day of the Chilean copper strike, Codelco proposed a more generous plan, and the union needed to vote
within 5 days after the proposal was proposed.
(3) The World Bureau of Metal Statistics (WBMS) announced on Wednesday that the global copper market had an oversupply of 43,000 tons from January to April 2019, compared with a supply gap of 19,000 tons for the whole of 2018
.
Spot analysis: On June 20, spot 1# electrolytic copper was quoted at 46780-46880 yuan / ton, and the average price fell 50 yuan / ton
from the previous trading day.
Good copper and flat water copper quotations maintained stability during the day, trading performance was average, the transaction was still deadlocked, the holders did not have the willingness to sell goods for cash, the willingness to hold up the price was still more obvious, and the plate performance of long and short confrontation, it is difficult to determine the trend direction for the time being, so traders also have little action, the market wait-and-see sentiment is stronger, supply and demand continue to show stalemate
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 61,356 tons on Thursday, a daily decrease of 3,133 tons; On June 19, LME copper stocks were 248375 tonnes, down 2,375 tonnes
per day.
The main 1908 contract of Shanghai copper fluctuated more
during the day.
The US index fell sharply overnight, boosting copper prices, Chile copper strike entered its sixth day, unions still do not know whether the new plan will be accepted, copper mine supply concerns have partially supported
copper prices.
In terms of spot, the market performance is long and short confrontation, it is difficult to determine the trend direction for the time being, so traders have little action, the market wait-and-see sentiment is strong, supply and demand continue to show a stalemate
.
Technically, the main 1908 contract of Shanghai copper tried to break through the 30-day moving average, and the red column of the daily MACD indicator grew, and it is expected that there will be more
short-term volatility.
