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LME copper pulled back slightly on Monday, and as of 15:00 Beijing time, the three-month London copper was reported at $6,042 / ton, down 0.
58%
on the day.
The Shanghai copper main 1909 contract fell from a high level, with the highest 48390 yuan / ton and the lowest 47360 yuan / ton within the day, and the closing price was 47410 yuan / ton, down 1.
17% from the closing price of the previous trading day; The trading volume was 32.
16 lots, a daily decrease of 53,536 lots; the position was 256,900 lots, a daily decrease of 41,328 lots
.
The basis was expanded to -200 yuan/ton; The price spread of Shanghai copper in 1908-1909 widened to -60 yuan / ton
.
Market focus, data released by the University of Michigan on Friday showed that the preliminary value of the University of Michigan consumer confidence index in July was 98.
4, compared with the expected value of 98.
5, which was not much different and slightly better than the previous value of 98.
2
.
Anglo American said it could approve a $3 billion investment to maintain production at its Los Bronces copper mine in Chile
.
The project produced 369,500 tonnes of copper concentrate last year, making it one of
the largest copper mines in the world.
Spot analysis, on July 22, spot 1# electrolytic copper quotation 47540-47680 yuan / ton, the average price of 47610 yuan / ton, down 50 yuan / ton
from the previous trading day.
Spot market holders are selling goods for cash sentiment, although the initial quotation is 10-60 yuan / ton, but there is almost no transaction, in the active reduction of the holder, the quotation continues to decline, but the market trading is still light, downstream buying is less
.
Although traders have the willingness to buy and sell, they are afraid that there will be a counter-draw on the market, the spot discount is not as good as psychological expectations, the market acceptance of follow-up is declining, and the transaction continues to be light
.
Warehouse receipt inventory, the total number of Shanghai copper warehouse receipts on Monday was 64,320 tons, a daily increase of 2,177 tons; On July 19, LME copper stocks were 296,450 tonnes, down 1,575 tonnes
per day.
In the week ended July 19, the stock of copper cathode on the Shanghai Futures Exchange was 154,520 tons, an increase of 9,241 tons
.
The main 1909 contract of Shanghai copper fell back to the high level during the day
.
In the United States, the University of Michigan consumer confidence index in July was better than expected, the dollar was boosted by buying, and copper stocks increased, and copper prices were under greater pressure above, but upstream copper processing fees TC continued to be lowered, and copper mine supply concerns increased, which supported copper prices
.
In terms of spot, the spot market holders sell goods for cash sentiment is strong, but there is almost no transaction, in the active reduction of the holders, the quotation continues to decline, but the market trading is still light, the downstream buying is less, more cautious wait-and-see
.
Technically, the main 1909 contract daily MACD red column of Shanghai copper is flat, focusing on the pressure above the 48400 position, and the short-term shock is expected to be weak
.
