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On Monday, the main 1710 contract of Shanghai copper opened at 50970 yuan / ton, the copper price fell slightly to 50820 yuan / ton at the beginning of the session, and then the bulls increased their positions to enter, copper prices opened an upward mode, the center of gravity moved steadily up, an hour before the close, the bulls once again exerted force, copper prices accelerated upward, the high to 51910 yuan / ton, refreshing the previous high, then the long bag fell for An Ping position exited, copper prices fell back to 51350 yuan / ton after stopping the fall repair, and finally closed at 51650 yuan / ton, up 740 yuan / ton
。 During the day, the black series continued to rise, non-ferrous metals were running strongly, the market bullish atmosphere was strong, Shanghai copper reached a new high, approaching the 52,000 yuan / ton integer mark, from the plate point of view, Shanghai copper is in the upward channel, it is expected that in the short term Shanghai copper still has the momentum to continue to rush up, the integer target or will be repeatedly tested
.
In terms of the external market, London copper opened at 6477 US dollars / ton, after the opening of London copper near the opening price, and then the shock upward to 6527 US dollars / ton after the rally was suspended, London copper slightly pulled back around 6513 US dollars / ton to consolidate the momentum, in the afternoon bulls increased their positions, driving Lun copper straight up, the impact of 6600 US dollars / ton unsuccessful, the high to 6593 US dollars / ton, the pressure of the integer mark began to appear, the high of London copper fell back to the daily average of 6543 US dollars / ton around the shock operation, as of 17 :10, London copper reported 6555 US dollars / ton.
During the day, London copper updated the previous high, above the pressure at the 6600 US dollars / ton integer mark, it is expected that in the short term London copper still has room to rise, the new target will be repeated
.
In terms of the market, Shanghai copper in the 51,000 yuan / ton of the first-line shock sorting, the market quotation is stable, the supply is relatively loose, flat water copper is particularly rich in varieties, some imported copper quotations are low for transactions
.
Downstream maintenance of rigid demand, good copper is difficult to have room for price reduction, so the activity of traders is also limited
.
In the afternoon session, the market rose strongly, Shanghai copper reached a new high, although the discount has expanded, but still has not reached the psychological price of traders, downstream fear of height, few inquiries
.
Overall, intraday market trading is weak, and oversupply is obvious, highlighting Monday's characteristics
.
On the news front, Fed Chair Janet Yellen is scheduled to talk about financial stability at her annual meeting on August 25, which is worth paying attention to, especially in the context of
the July Fed FOMC minutes spending some space discussing high asset prices.
China's M2 money supply growth slowed to a record low of 9.
2% year-on-year in July, marking the sixth consecutive month of slowdown
.
New RMB loans amounted to RMB825.
5 billion and social financing amounted to RMB1,220 billion, both exceeding market expectations
.
Data released by the National Bureau of Statistics showed that the consumer price index (CPI) rose 1.
4% year-on-year in July, slightly below the median estimate of 1.
5%.
Recently, non-ferrous metals have continued to make rapid progress, zinc prices continue to hit new highs, nickel prices remain strong, and copper and aluminum prices are also consolidating
at a high level.
Intraday copper prices exceeded 6600 US dollars / ton, Shanghai copper night trading volatility higher, position slightly increased, the overall market trading is weak, oversupply is obvious, highlighting Monday's characteristics
.
In the short term, non-ferrous prices are still in the rising stage, and most of them are held with a take profit
.
