Driven by Lun Copper, Shanghai Copper continues to rise today. In terms of fundamentals, the epidemic continues to spread in South America, with a total of more than 300000 confirmed cases in Chile. The Chilean National Copper Mining Workers Association released news that a large number of miners and workers in major copper mining enterprises in Chile have diagnosed new crown pneumonia, with a total of more than 3500 confirmed cases. Worries about tight copper supply in the market have fermented again, supporting copper prices to rise.
A brief comment on SMM
Driven by Lun Copper, Shanghai Copper continued to rise today. In terms of fundamentals, the epidemic continues to spread in South America, with a total of more than 300000 confirmed cases in Chile. The Chilean National Copper Mining Workers Association released news that a large number of miners and workers in major copper mining enterprises in Chile have diagnosed new crown pneumonia, with a total of more than 3500 confirmed cases. Worries about tight copper supply in the market have fermented again, supporting copper prices to rise. At present, the liquidity of economic policy continues to be loose, the Federal Reserve Meester said that it will maintain a loose monetary policy and will do more to support the economic recovery, and the macroeconomic environment continues to improve to boost market risk appetite, which is good for copper prices. Today, the main copper in Shanghai opened at 49810 yuan / ton in the morning. after the opening, the copper price briefly rose from 49830 yuan / ton to a low of 49550 yuan / ton. with the bulls increasing their positions one after another, the disk rose slightly and closed at 49770 yuan / ton at noon. At the opening of afternoon trading, Shanghai copper fluctuated in a narrow range around 49770 yuan / ton. At this time, the copper price quickly climbed to the intraday high of 49970 yuan / ton. Near the end of the day, the bulls took profits, and the copper price fell back to 49800 yuan / ton, up 410 yuan / ton, or 0.83%. The intraday 08 contract increased its position by 3714 to 118000, mainly by long positions; trading volume increased by 1000 to 120000; Shanghai Copper 09 increased by 4913 to 92000, mainly by long positions; and Shanghai Copper 07 continued to reduce its positions by 3835 to 25000.
Shanghai copper has closed for 3 consecutive days, MACD red column has expanded, and below there are 5-day moving average line supporting the bottom, technical point of view Lido copper price. At present, Lun Copper has surged to a high of US $6200 / tonne, and if the strong momentum is maintained, Shanghai Copper opened at the 50000 mark that night, standing on a new platform.
Today, the spot price of electrolytic copper in Shanghai is quoted at 40-60 yuan / ton for that month's contract, the transaction price of Pingshui copper is 49800 yuan / ton ~ 49890 yuan / ton, and the transaction price of copper is 49810 yuan / ton ~ 49900 yuan / ton. The center of gravity of copper in Shanghai was slowly pushed up to 49850 yuan / ton, the spot market holders offered firm, the morning market quoted 50 million 60 yuan / ton, the buyer slightly hesitated to wait and see, transaction stalemate, after 10:00, after a low price, flat copper can be traded at 40 yuan / ton, but the offer is still strong, good copper held steady at 50 yuan 60 yuan / ton, wet copper has few changes, maintain stability at 50 yuan / ton discount. The market continued to push up steadily, the spot market also tried to push up the water at the same time, the holders rarely relaxed and took the initiative to reduce prices, and trade inquiries were active, which were the main contributors to today's transactions. Although the supply and demand sides temporarily pull the saw, the actual transaction is slightly glued, but it is also difficult to change the current trend of rising water stability. [reprint needs to retain the source-Shanghai Nonferrous net] July 8 SMM Shanghai Copper spot Market Express: the disk is steadily rising, rising water tends to be difficult to depress the price https://news.smm.cn/news/101193945.
Today, the spot price of electrolytic copper in Guangdong Province has risen by 50 per ton to the contract for that month, with an average price increase of 10 yuan per ton, while the average price of wet copper has risen by 10 yuan per ton. The average price of electrolytic copper is 49860 yuan / ton, and the average price of wet copper is 49800 yuan / ton. Spot market: although copper prices continue to rise, inventories are reduced, giving holders more strength to stand up for prices. In early trading, Pingshui copper was 50 yuan / ton and good copper was 80 yuan / ton, both up 10 yuan / ton compared with yesterday. However, today's shippers are limited to imported copper, and domestic pc is even more difficult to get. In the second trading period, the shippers have raised the price one after another, and the final flat copper transaction is 70 yuan / ton, the good copper transaction is 100 yuan / ton, and the wet copper transaction is 10 yuan / ton. Generally speaking, the supply of goods that can actually be circulated in the market is limited, which makes the intraday rising water rise, but the high copper price suppresses the activity of trading, and the overall transaction is still mediocre. Finally, as far as we know, a smelter began to overhaul, and it is expected that inventory will be easy to fall and difficult to rise in the future.
Today's warehouse receipt is quoted at US $85 per ton, the average price is unchanged from the previous day, and the bill of lading is quoted at US $76 per ton, the average price is unchanged from the previous day, QP August. The LME0-3 discount is US $3.25 / ton, and the import loss is around 200 yuan / ton.
Today's market turnover continues to remain light. In terms of quotation, at present, the offer of bill of lading in Hong Kong at the end of July is limited, mainly because the shipping date is not near, traders still have expectations for an improvement in the price comparison, so the offer price is on the high side. On the demand side, due to day-to-day losses in price comparison, there are few market inquiries, and the difficulty of matching prices between buyers and sellers leads to a stalemate in the performance of market transactions. I heard that Japanese copper arrived in Hong Kong at the end of the month and traded at US $82 per ton. Warehouse receipt prices are relatively stable, and it is difficult to see a deal under the deadlock in buying and selling power.
At present, the transaction price of fire good copper warehouse receipt is around US $100 / ton, mainstream fire method is US $95 / ton, wet method is 85 yuan / ton, good copper bill of lading is US $87 / ton, mainstream fire bill of lading is US $83 / ton, and wet method is US $76 / ton.
LME copper stocks today were 192025 tonnes, down 3800 tonnes, or 1.94 per cent, from the previous day.
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