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On Tuesday morning, the main 1706 contract of Shanghai copper opened at 45810 yuan / ton
.
At the beginning of the session, Shanghai copper extended the daily moving average narrow range, nearly ten points, there was a sharp reduction of short positions, Shanghai copper straight up, about 11 o'clock again vigorous, breaking through the 10-day moving average, high touch 46360 yuan / ton, the afternoon session of some bulls profit liquidation, give up part of the morning market gains, Shanghai copper center of gravity slowly down, closed at 46030 yuan / ton, up 270 yuan / ton, trading volume minus 23168 hands to 329762 lots, position decreased 10326 hands to 226570 hands
。 Intraday bears sharply reduced their positions, Shanghai copper closed long upper shadow pierced the 10-day moving average, but combined with the late bulls exit performance, it is expected that Shanghai copper performance is still weaker than London copper, the 10-day line is still under obvious pressure, performance will be repeated
.
In terms of external disk, London copper opened at 5653 US dollars / ton
.
At the beginning of the Asian session, London copper fell slightly along the daily moving average, low 5634.
5 US dollars / ton, and was supported at the 5-day moving average to return to the daily moving average, and then the bears hedging their positions sharply reduced under the London copper straight line to 5707.
5 US dollars / ton, after a slight pullback, London copper consolidated around 5695 US dollars / ton at the end of the Asian session, London copper turned down, and the European session London copper was supported at the 10-day moving average to rebound, as of 17:00, London copper was reported at 5697 US dollars / ton
.
On the macro front, as the default of China Investment Securities and Zhongrong Cash Profit Enhancement shocked the market, the pressure of selling cash bonds increased sharply, and the capital situation was once again extremely tight, the short-term borrowing rate of non-bank financial institutions reached 7%, close to the historical high, the overnight pledge repo rate rose by about 12 basis points to 2.
7987%, and the 7-day pledged repo rate rose 10 basis points to 2.
9155%, and the capital situation tightened again or put pressure
on the market 。 In addition, the U.
S.
Treasury Department on Monday formally activated economic sanctions against 271 staff members of the Syrian government's scientific research center, citing suspected links to the April 4 chemical weapons attack on civilians in Syrian opposition compounds
.
At present, macro factors such as capital issues and geopolitics are gradually dominating the copper market, and their sustainability still needs attention
.
In terms of the market, Shanghai copper fluctuates sharply, the current copper premium follows the change, the morning Shanghai copper in the narrow range below 45700 yuan / ton, the current copper quotation is still in the premium 10 yuan / ton - 50 yuan / ton, after ten o'clock the plate quickly rises, the Shanghai copper premium follows the fall, flat water copper appears discount quotation, the mainstream of the market in the discount 20 yuan / ton - 20 yuan / ton / ton
。 In the afternoon, the market gave up part of the gains, the cash exchange was greater, the spot discount continued to expand, flat water copper newspaper discount 50 yuan / ton - discount 30 yuan / ton, good copper newspaper discount 20 yuan / ton - flat water, the transaction price narrowed to 45870 yuan / ton - 46120 yuan / ton
.
The proportion of imported copper supply in the day has increased significantly, especially flat water copper and wet copper take the lead in actively reducing the quotation in order to seek transactions, the supply pressure is more obvious, speculators buy and sell period, the operation is more cautious, the downstream demand is the mainstay, the holders take the initiative to reduce prices, that is, a full discount transaction, and the spot discount still has downward adjustment space
.
On the industrial side, Freeport intends to increase the daily production of the Grasberg open-pit mine to 145,000 tons/day, the daily production of the deep mine to 40,000 tons/day, and expects to increase the daily production to 60,000 tons/day
by October 2017.
The 200,000 mt/d throughput target for copper concentrate depends on ore stocks, concentrate storage capacity and available export vessels
.
Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds and risk aversion increase the macro pressure, the downstream in the consumption season has always been limited, but tend to short-term terminal consumption still has a supporting effect on copper prices, if there is no substantial negative factors, the transaction is still treated with shock ideas for the time being
.
