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Friday morning Shanghai copper main 1810 contract opened at 49850 yuan / ton, early long positions slightly increased, copper prices along 49930 yuan / ton narrow range oscillation, noon, short more exit, the dollar broke the 96 mark, base metals fell across the board, after the midday open, Shanghai copper was affected to open low, bulls reduced their positions a lot, straight down to 49410 yuan / ton, the end of the session rose slightly to 49530 yuan / ton shock operation, closed at 49600 yuan / ton, down 110 yuan / ton
.
In terms of spot, Shanghai electrolytic copper spot for the current month contract reported a premium of 20 yuan / ton ~ 70 yuan / ton, flat water copper trading price of 49760 yuan / ton ~ 49820 yuan / ton, and the trading price of premium copper 49780 yuan / ton ~ 49840 yuan / ton
.
In terms of stocks, as of August 9, LME copper stocks were 252625 tons, an increase of 3,475 tons from the previous day; COMEX stocks were 200039 tons, down 681 tons from the previous day; As of August 10, copper stocks in the previous period were 77,230 tons, an increase of 50 tons
from the previous trading day.
The subtotal of stocks in the previous period of the week was 171107 tons, down 21,710 tons
from last Friday.
Vedanta Resources Zambia said Thursday that work at the company's Konokola copper mine was halted after a miner was killed in an underground accident to facilitate an investigation
.
Vedanta had previously said in June that it planned to double Konkola's copper production to 200,000 tonnes
in 2019.
Chile's Caserones copper miners' union said Wednesday that a strike was about to break out after the final round of labor negotiations with miner Lumina copper broke down
.
On the macro front, the exchange rate of the Turkish lira against the US dollar updated again during the day, the euro accelerated its decline, driving the US dollar index to rise strongly, non-ferrous metals were generally under pressure, and the sharp decline in the lira reflected the collective pressure
on emerging market countries in the context of the continued tightening of the Federal Reserve's monetary policy.
The impact of macro on the overall metal cannot be ignored
.
Fundamentals, the risk of Escondida copper strike and the continued decline in refined copper inventories still support prices, but there are still many uncertainties in the macro aspect, investors may prefer short-term operations, and the sustainability of the copper price rebound needs further attention
.
FYI
.
