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Trade Service
LME copper fluctuated slightly on Friday, and as of 15:00 Beijing time, the three-month London copper was reported at $5,772 / ton, down 0.
14%
on a daily basis.
The main 1910 contract of Shanghai copper opened high, with the highest 46830 yuan / ton and the lowest 46460 yuan / ton during the day, and the closing price of 46680 yuan / ton, up 0.
37% from the closing price of the previous trading day; The trading volume was 144,100 lots, a daily decrease of 74,542 lots, and the position was 223,800 lots, a daily decrease of 5,108 lots
.
The basis was reduced to -70 yuan/ton; The price difference between Shanghai copper in 1909 and 1910 widened to -50 yuan / ton
.
Market focus, China's PPI fell 0.
3% year-on-year in July, market expectations were 0.
1% decline, and the previous value was 0%.
July CPI rose 2.
8% y/y, above forecasts of 2.
7% and 2.
7%
in the previous month.
U.
S.
President Donald Trump once again tweeted at the strong dollar and the Federal Reserve, as the Reserve Bank of New Zealand, the Reserve Bank of India and the Bank of Thailand all announced interest rate
cuts.
Port operator Tisur said the Fang mining protests in Peru have blocked about $400 million in copper exports from some of the country's large copper mines and organized copper supplies into its operations
in the past three weeks.
Congolese copper production from January to June rose 12.
5% year-on-year to 672272 tonnes
, data released by the Central Bank of Congo.
Spot analysis, on August 9, spot 1# electrolytic copper quotation 46550-46670 yuan / ton, the average price of 46610 yuan / ton, up 130 yuan / ton
from the previous trading day 。 The morning market quotation premium 60-90 yuan / ton, inventory increase, market consumption is weak, trade market activity is difficult to increase, spot market buying is weak, spot quotation stalemate for many days after the quotation finally loosened, but buying is still very little, individual holders are eager to exchange cash, quotation can also be pressed; Copper prices have rebounded at a low level, the future market trend is not clear, spot consumption is weak, trade profit margins are lacking, so that the willingness to receive goods is seriously lacking, the transaction is not strong, and the characteristics of oversupply are obvious
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts last Friday was 64,535 tons, a daily decrease of 3,162 tons; On August 8, LME copper stocks were 274525 tonnes, down 1,425 tonnes
per day.
In the week ended August 9, copper cathode stocks on the Shanghai Futures Exchange were 156367 tons, a weekly increase of 396 tons
.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract are 68599 lots, minus 249 lots per day, short positions are 80749 lots, daily minus 2914 lots, net short positions are 12150 lots, daily minus 2665 lots, more increase and short, net space decrease
.
On August 9, the main force of Shanghai copper opened high at 1910
.
The global trend of monetary easing, while the Fed interest rate cut expectations increased, the overall weakening of the US index, coupled with the continuous decline of upstream copper processing fees TC, which is positive for copper prices, but the market is still pessimistic about the economy, and downstream demand is still weak, putting pressure
on copper prices.
In terms of spot, inventory has increased, market consumption is weak, trade market activity is difficult to increase, spot market buying is weak, spot quotations have finally loosened after many days of deadlock, but buying orders are still very few, and individual holders are eager
to ship for cash.
Technically, the main 1910 contract of Shanghai copper closed with a doji, the trading volume declined, and the short-term shock adjustment
is expected.