Today, copper closed positive in Shanghai, the low interest rate environment superimposed continuous stimulus plan made the macro optimistic tone unchanged, the price of basic metals rose, and there was good news from the fundamentals. Chilean miner Antofagasta announced that copper production fell 8.4% month-on-month in the second quarter, making the market worried about the tight supply of copper once again, providing support for copper prices.
A brief comment on SMM
Today, copper closed positive in Shanghai, the low interest rate environment superimposed continuous stimulus plan made the macro optimistic tone unchanged, the price of basic metals rose, and there was good news from the fundamentals. Chilean miner Antofagasta announced that copper production fell 8.4% month-on-month in the second quarter, adding to market concerns about tight copper supply and providing support for copper prices. Today, the main force of Shanghai copper opened at 52490 yuan / ton in the morning. after the opening, the bulls entered the market to drive up the copper price to a daily high of 52830 yuan / ton, but then the short sellers increased their positions to suppress the copper price, and the long positions continued to fall to 52420 yuan / ton. In the second trading session, the center of gravity of Shanghai Copper was arranged horizontally around 52560 yuan / ton until the midday close. Shanghai copper opened smoothly in the afternoon, fluctuating in a narrow range around 52540 yuan / ton, and fell near the end of the day, and finally closed at 52410 yuan / ton, up 550yuan / ton, or 1.06%. During the day, the number of positions in 09 contracts increased by 6783 hands, mainly as long positions increased; trading volume increased by 7000 lots to 149000 hands. 08 contract day reduced positions by 7283 to 78000, mainly for short positions; trading volume decreased by 40, 000 to 91000.
Today, Shanghai copper closed, KDJ opening convergence, below still jump off multiple moving averages, technical point of view copper prices still have upward momentum. Wait for the guidance of the outer disk in the evening to test whether the bulls can push again to support Shanghai Copper to hit the 53000 mark.
Spot market
Today, the spot price of electrolytic copper in Shanghai is quoted as 20-120 yuan / ton for that month's contract, 52500 yuan / ton to 52630 yuan / ton for Pingshui copper, and 52560 yuan / ton to 52700 yuan / ton for copper in Shengshui. Overnight gold and silver crude oil rose sharply, leading the base metals to turn red across the board. Copper in Shanghai rebounded by 1.5% and rose by 52600 yuan / ton, an increase of about 700 yuan / ton. In the morning, the consignor quoted Pingshui copper for 50 RMB60 / ton, good copper 110Mel 130 yuan / ton, fear of heights rose again, and it was difficult to get an actual deal. The outflow of superimposed warehouse receipts increased the willingness of holders to exchange high positions. Some consignors tried to reduce prices to promote trading, and rising water opened the way of downward adjustment. Pingshui copper dropped directly to about 30 yuan / ton of rising water, and the inquiry improved, and the buying interest improved. It is difficult to quote a good copper shipment and adjust it to about 100 yuan / ton. Entering the second section of the trading stage, the overall transaction of the market is still weak and difficult to rise. Flat copper has actively dropped to 20 yuan / ton of rising water, and the long order is sold to pick up the goods, so that the rising water temporarily stabilizes, the room for good copper price reduction is limited, and the transaction price is maintained at 80,000,100 yuan / ton. there is a big difference in the quotation of wet-process copper. Some of the top bidders are always at a discount of 30 yuan per ton, while some of the low-end difference of wet-process copper can be as low as around 100 yuan. The average price of wet copper is passively dragged down by the discount of about 60 / ton. Copper prices have risen by more than 1,000 for two consecutive days, copper prices are high, the outflow of goods continues to increase, and the downstream is back to being afraid of high prices to stop and wait and see. Today, most of the market transactions are still long single traders, but under the strong market, the target psychological price may be even lower. Sellers are more concerned about high and fast cash.
Today, the spot price of electrolytic copper in Guangdong Province has risen by 20 million per ton, with an average price of 10 yuan per ton, while the average price of wet copper has dropped by 20 yuan per ton with a discount of 30 to 20 yuan. The average price of electrolytic copper is 52665 yuan / ton, and the average price of wet copper is 52590 yuan / ton. Spot market: copper prices soar close to the year's high, affected by this downstream purchasing desire is very low today, holders can only continue to reduce the rise of water delivery, flat copper from 50 yuan / ton in morning trading, down to about 11:00 / ton, wet copper newspaper-20,30 yuan is also down 20 yuan compared with yesterday. However, it is worth noting that the recent shortage of negotiable thick plates in the market has led to a high level of Shengshui (recently around 80 yuan / ton), and the price difference between Shengshui and flat copper continues to widen. On the whole, the high copper price suppresses market trading, and the transaction is quite quiet today.
Yangshan copper
Today's warehouse receipt quotation is US $90 per ton, the average price is US $1 / ton lower than the previous day, and the bill of lading quotation is US $75 per ton, with an average price reduction of US $2.50 / ton compared with the previous day, QP August. LME0-3 has a rising water of US $9.95 / ton and an import loss of around 250 yuan / ton.
Today's foreign trade market is still continuing the early light market, the morning market has not heard of the deal. Traders with sources of goods arriving in Hong Kong at the end of the month have lowered their quotations in order to close the deal. at present, the price of the second-brand good copper bill of lading arriving in Hong Kong at the end of July and early August has dropped to less than US $90 / ton, and the actual transaction price is expected to be about US $87 / tonne. The mainstream fire offer is about US $85 / ton, at which no one is picking up the goods. At present, the market expects the supply of imported copper to be limited in August, so the quotation of the far month bill of lading is still high and the transaction is limited. The quantity of unilateral offer is limited and the price is slightly weaker.
At present, the transaction price of fire good copper warehouse receipt is around US $100 / ton, mainstream fire method is US $96 / ton, wet method is 90 yuan / ton, good copper bill of lading is US $87 / ton, mainstream fire bill of lading is US $82 / ton, and wet method is US $75 / ton.
Inventory
Today, LME copper stocks are 145050 tons, down 1250 tons, or 0.85%, from the previous day.
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