SMM News: yesterday's Shanghai copper contract closing price of 46580 yuan / ton, an increase of 0. 04 per cent. The night closing price was 46490 yuan per ton, down 0.19 per cent. LME closed down 1.27 per cent at $5770 a tonne.
Eurostat in Luxembourg released GDP data for the second quarter in line with market expectations, with 39 economists expecting GDP growth to range from 0.1 per cent to 0.2 per cent. The data showed that GDP in the 28 EU countries rose 0.2 per cent from a month earlier, up 1.3 per cent from a year earlier, while eurozone GDP rose 1.1 per cent year-on-year and was expected to be 1.1 per cent, in line with expectations. At the same time, data released showed that the monthly rate of industrial output in the euro area in June was-1.6%, the previous value was 0.9%, and the expected rate was-1.4%. The annual rate of industrial output in the euro area in June was-2.6%, the previous value was-0.5%, and the expected rate was-1.2%. The euro zone adjusted the quarterly rate of employment by 0.2% in the second quarter, compared with a previous value of 0.3%, and is expected to be 0.3%.
Luonan Huanyuan Yayuan Copper Co., Ltd., which has an annual treatment capacity of 200000 tons, is scheduled to be put into production in late September. The company laid the foundation for the construction of the recycled copper project in July 2017. At present, the construction of the project has been basically completed, and the final equipment installation work is under way, which is expected to be put into production around September 20. The annual production capacity is 100000 tons of refined copper, 50, 000 tons of crude copper and 50, 000 tons of alloy copper. After formal production, it is expected that 2000 tons of anode plate and about 800 tons of crude copper will be produced in September, and the output of 30, 000 tons of anode plate and 10, 000 tons of crude copper will be achieved by the end of the year.
Today's strategy: overnight copper prices to maintain a volatile trend, based on the current domestic macroeconomic data in July one after another, social data and industrial value added are less than expected, the domestic economy downward pressure, to provide resistance to the rise in copper prices. On the other hand, the disturbance at the mining end has eased, the operation of the port of Matarani in Peru has resumed copper exports, the tension in the supply of copper has been alleviated, and the subsequent copper prices are expected to maintain a volatile trend, paying attention to the pressure on the middle line of Brin.
Option strategy: implied volatility decreased slightly, the current value of main CU1909 implied volatility decreased by 14.89%, month-on-month decline, volatility strategy temporarily wait and see; trend strategy. It is expected that the follow-up copper prices will maintain a volatile trend, and it is recommended that put options be sold mainly in the near future.
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