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LME copper came under pressure on Thursday, and as of 15:15 Beijing time, the three-month London copper was at $5693.
5 / ton, down 0.
62%
on the day.
The main 1910 contract of Shanghai copper continued to fall, with the highest 46520 yuan / ton and the lowest 46230 yuan / ton during the day, and the closing price of 46310 yuan / ton, down 0.
26% from the closing price of the previous trading day; The trading volume was 103,500 lots, a daily decrease of 28,716 lots, and the position was 244,300 lots, an increase of 5,678 lots
per day.
The basis was expanded to 105 yuan/ton; The price spread of Shanghai copper in 1909-1910 remained at -40 yuan / ton
.
Market Focus: Overnight Fed minutes showed that Fed officials who voted to cut rates three weeks ago agreed that the move should not be seen as a sign of a
"pre-set course" for future rate cuts.
Trump called the U.
S.
economy healthy and the only thing holding back U.
S.
growth was the Federal Reserve
.
According to the World Bureau of Metal Statistics, the global copper market was short of 41,000 tons from January to June 2019 and 37,000 tons for the whole of 2018
.
China's apparent demand from January to June 2019 was 5.
69 million tons, down 4.
8%
from the same period last year.
Spot analysis: On August 22, spot 1# electrolytic copper was quoted at 46380-46450 yuan / ton, with an average price of 46415 yuan / ton, up 20 yuan / ton
from the previous trading day.
The morning market quotation premium 70-100 yuan / ton, some sources of goods can be reduced to 60 yuan / ton when the transaction buying order is significantly increased, and the downstream maintains rigid demand
.
Copper shock has not shown the direction for the time being, after the spot premium continues to rise steadily, traders' profits are limited, buying interest has also been suppressed, traders are still targeting low-priced sources, the main body this week is still long-term order delivery, premium will still maintain a steady upward trend, but zero single transactions and downstream consumption is difficult to show a high degree of
activity.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 69,780 tons on Thursday, a daily decrease of 4,567 tons; On August 21, LME copper stocks were 329575 tonnes, down 25 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1910 contract were 71529 lots, a daily increase of 728 lots, short positions were 87040 lots, a daily increase of 819 lots, a net short position of 15511 lots, a daily decrease of 91 lots, both long and short increases, and net short increased
slightly.
On August 22, the main force of Shanghai copper 1910 continued to decline
.
Overnight, the Fed minutes weighed on expectations of interest rate cuts, the dollar rose, coupled with the increase in midstream copper inventories, and continued weakness in terminal demand, putting pressure on copper prices, while the easing of Sino-US trade conditions partially supported
copper prices.
In terms of spot, the morning market quotation premium, some sources can be reduced to 60 yuan / ton when the transaction buying order is significantly increased, and the downstream maintains rigid demand
.
After the copper shock did not show its direction for the time being, and after the spot premium continued to rise steadily, traders' profits were limited, and buying interest was also suppressed, and traders still aimed at low-priced sources
.
Technically, the main 1910 contract of Shanghai copper is running below the moving average group, and it is expected to remain weak
in the short term.
