On Monday, Shanghai copper main contract 1808 pressure fell, closing at 54160 yuan / ton, trading at 54040-54480 yuan / ton, up 0.06%. The current copper price is above the moving average group. In terms of term structure, Shanghai copper futures maintained a near-low, high, positive alignment. The positive spread between Shanghai copper 1807 contract and 1808 contract narrowed to 210 yuan/ton, indicating that the long-term contract is still strong.
In terms of external market, the Asian city's copper was under pressure, with 15:00 Beijing time, 3 months, and the copper price was 7,275 US dollars / ton, down 0.42%, and still running above the moving average group. As for positions, as of June 8th, the number of positions in Luntong Copper was 342,000, an increase of 8,485 lots. In the past week, the position of Lun Copper was increased and decreased, indicating that the long and short trading was cautious.
On the macro side, the Asian dollar index fluctuated lower, and now trading around 93.44, the day fell slightly by 0.12%. During the G7 summit, the United States and the trade and trade frictions have been on the rise, and market risk aversion has heated up. The focus of the market is on the Fed’s June rate hike this week. In terms of industry, the Chilean Copper Industry Council said Chile's copper output in April jumped 6.4% year-on-year to 446,900 tons, due to increased output from large-scale civilian mines in the country.
In terms of market, Shanghai Electrolytic Copper spot was posted on the monthly contract for 60 yuan/ton-flat water, flat water copper transaction price was 53740 yuan/ton-53800 yuan/ton, and premium copper transaction price was 53760 yuan/ton-53840 yuan/ton. Shanghai copper continued to fluctuate at a high level, and the basis was stable at 200 yuan/ton. The holders still have a good willingness to bid. The price is 50 yuan/ton~ Pingshui. The market rallies are waiting to see, although the inquiry atmosphere is acceptable, but the trade Low activity. With the approaching delivery period, the basis of the month will not be reversed, which limits the space for underwater expansion to a certain extent. Downstream on-demand buying, traders' receipts are subject to their respective financial capabilities. Market transactions showed a deadlock on Monday.
In terms of inventory, as of June 8, COMEX copper stocks were 23,112,012 short tons, an increase of 355 tons from the previous day; LME copper stocks were 307,075 tons, a decrease of 3,125 tons from the previous day; as of June 11, the Shanghai Stock Exchange futures inventory was 133,562 tons. , a reduction of 55 tons from the previous day.
In the news, Ronald Salcedo, the union chairman of BHP Billiton's Spence copper mine, said the union workers had agreed to a new labor contract offer. The union has 802 workers, and 87% of them vote for the new collective bargaining agreement. The Spence copper mine is located in the Pampa Norte region of Chile. The copper mine produced 148,900 tons of copper from January to March 2018, while the cathode copper production in January-March 2017 was 136,100 tons, up 9.4% year-on-year.
At present, the copper mine strike is expected to be lowered, and the continually rising momentum of copper prices has weakened. Of course, it is still necessary to wait for the final negotiation result. Domestic environmental protection will look back on the impact of scrap copper on the supply side. It is expected that short-term copper prices will remain at a high level. Focus on the recent dollar trend. for reference only.