Review of Shanghai Copper (55120,190.00,0.35% yesterday, dropping slightly, cu1210 contract opening at 54830 points, intraday intraday narrow range oscillations, rapidly falling near the end, closing at 54670 points, closing down from the previous day's settlement price 370 points.
Overnight copper prices in the outer disk followed European and American stock markets rebound. LME three-month copper intraday trading closed higher by 99 to 7609 U.S. dollars on the previous trading day, and electronic trading closed higher by 98 to 7608 U.S. dollars/ton on the last trading day; COMEX fine refined copper in September. ** The contract ended the day higher by 4.10 cents to 344.10 cents/lb from the previous trading day.
Fundamental Analysis Tuesday LME refined copper inventories increased by 2,550 tons to 251,675 tons. On the macro news side, the European Economic Research Center (ZEW) survey report said that the economic sentiment index of the euro zone fell from -2.4 in the previous month to -20.1 in June, and the German economic prosperity index fell from 10.8 to -16.9. The data indicates that investors are European economic outlook is pessimistic; data released by the US Department of Commerce shows that, after adjusting for seasonal factors, new home starts in May fell by 4.8% from the previous month to an annual rate of 708,000 units, which is less than the expected market of 72 million units. The increase of 7.9% qoq was equivalent to an annual rate of 780,000 units, which exceeded the market's expected 728,000 units. Earlier, the NAHB report said that the US residential construction merchants’ index rose to 29 in June from 28 after the previous month's correction. The highest in the year, related data show that the US housing industry continues to stabilize.
The overall commentary on Shanghai copper yesterday was a slight drop in trading volume. Overnight copper prices in the outer market rebounded with European and American stock markets. The US stimulus policy is expected to support the European and US financial markets. The Fed will announce the monetary policy decision tomorrow morning in Beijing. The market generally expects that the Fed will launch a new round of stimulus policies under the signs of a slowdown in the economic recovery and the impact of the European debt crisis. We think the possibility of introducing a quantitative easing policy at this meeting. Little, if there is a stimulus policy introduced, it will most likely be an extension of the distortion of Treasury operations. The Fed's policy may provide some support to the market in the short term, but the European debt risk will still exist, and the height and continuity of the rebound in copper prices should not be overly optimistic.
Operational recommendations suggest that short positions can be held lightly.
Overnight copper prices in the outer disk followed European and American stock markets rebound. LME three-month copper intraday trading closed higher by 99 to 7609 U.S. dollars on the previous trading day, and electronic trading closed higher by 98 to 7608 U.S. dollars/ton on the last trading day; COMEX fine refined copper in September. ** The contract ended the day higher by 4.10 cents to 344.10 cents/lb from the previous trading day.
Fundamental Analysis Tuesday LME refined copper inventories increased by 2,550 tons to 251,675 tons. On the macro news side, the European Economic Research Center (ZEW) survey report said that the economic sentiment index of the euro zone fell from -2.4 in the previous month to -20.1 in June, and the German economic prosperity index fell from 10.8 to -16.9. The data indicates that investors are European economic outlook is pessimistic; data released by the US Department of Commerce shows that, after adjusting for seasonal factors, new home starts in May fell by 4.8% from the previous month to an annual rate of 708,000 units, which is less than the expected market of 72 million units. The increase of 7.9% qoq was equivalent to an annual rate of 780,000 units, which exceeded the market's expected 728,000 units. Earlier, the NAHB report said that the US residential construction merchants’ index rose to 29 in June from 28 after the previous month's correction. The highest in the year, related data show that the US housing industry continues to stabilize.
The overall commentary on Shanghai copper yesterday was a slight drop in trading volume. Overnight copper prices in the outer market rebounded with European and American stock markets. The US stimulus policy is expected to support the European and US financial markets. The Fed will announce the monetary policy decision tomorrow morning in Beijing. The market generally expects that the Fed will launch a new round of stimulus policies under the signs of a slowdown in the economic recovery and the impact of the European debt crisis. We think the possibility of introducing a quantitative easing policy at this meeting. Little, if there is a stimulus policy introduced, it will most likely be an extension of the distortion of Treasury operations. The Fed's policy may provide some support to the market in the short term, but the European debt risk will still exist, and the height and continuity of the rebound in copper prices should not be overly optimistic.
Operational recommendations suggest that short positions can be held lightly.
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