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LME copper fluctuated to the upside on Thursday, and as of 15:00 Beijing time, the three-month London copper was reported at $5772.
5 / ton, up 0.
04%
on a daily basis.
The main 1910 contract of Shanghai copper opened low and fluctuated, with the highest 46520 yuan / ton and the lowest 46320 yuan / ton during the day, and the closing price was 46440 yuan / ton, down 0.
30% from the closing price of the previous trading day; The trading volume was 127,000 lots, a daily decrease of 76,346 lots, and the position was 239,900 lots, an increase of 2,650 lots
per day.
The basis was reduced to -70 yuan/ton; The price spread of Shanghai copper from 1909 to 1910 widened to -40 yuan / ton
.
In the spotlight, the US 2-year and 10-year Treasury yield curves inverted for the first time since 2007, indicating that the world's largest economy may be heading for recession, and market risk aversion has increased
.
At 20:30 Beijing time on Thursday, investors will welcome the US retail sales data for July, and the market expects growth to be lower than in
June.
The underground project of the Chuquicamata copper mine under Codelco of Chile has been officially launched, with copper reserves of 1.
028 billion tons at a grade of 0.
82%, and annual copper production is expected to reach 320,000 metal tons
by 2026.
Spot analysis, on August 15, spot 1# electrolytic copper quotation 46330-46410 yuan / ton, the average price of 46370 yuan / ton, down 270 yuan / ton
from the previous trading day.
When the monthly price difference fluctuated between 90-100 yuan / ton in the morning, traders entered the market to receive goods, and the holders immediately raised their quotations, and the transaction was briefly
deadlocked.
During the second trading session, quotes performed steadily, but transactions were more stagnant
.
Due to the widening of the price difference in the next month, the quotation premium of the current month has increased across the board, but the discount quotation source of the next month is a lower price level than the recent one, attracting a strong willingness to receive the goods in the market
.
Warehouse receipt inventory, Shanghai copper warehouse receipts totaled 78,631 tons on Thursday, a daily increase of 2,250 tons; On August 14, LME copper stocks were 271,800 tons, down 750 tons
per day.
The main position, the top 20 long positions of Shanghai copper main 1910 contract were 72408 lots, minus 654 lots per day, short positions were 89879 lots, daily increase of 3018 lots, net short positions were 17471 lots, daily increase of 3672 lots, more short positions, net space increased
.
On August 15, the main force of Shanghai copper 1910 opened
low.
The inversion of US 2-year and 10-year Treasury yields suggests that the US economy is heading for recession, and market concerns about the economic downturn have increased, while rising risk aversion has pushed the dollar higher, coupled with the increase in midstream copper inventories, putting pressure on copper prices, while upstream copper supply concerns have eased and downstream copper prices have rebounded, partially supporting
copper prices.
In terms of spot, when the monthly price difference fluctuated between 90-100 yuan / ton, traders entered the market to receive goods, and the holders immediately raised their quotations, and the transaction was briefly deadlocked
.
During the second trading session, quotes performed steadily, but transactions were more stagnant
.
Technically, the main 1910 contract daily MACD green column of Shanghai copper is flat, focusing on the pressure above the 47000 position, and the short-term shock is expected to be weak
.