ã€External market trend】 LME copper continued to fall last Friday, rebounded around 3500, with positive transactions and volatile prices. At the close, it was more than 30 points from the low point. Aluminum futures were relatively stable, closing at $1,840.
[Domestic trend] Shanghai copper opened slightly higher today, market transactions were light, trading volume quickly shrank, prices showed a difference with the external disk, showing a defensive, but can not be active and positive. The total volume was 55,762 hands, basically unchanged positions. Shanghai aluminum is still the sideways trend of small fluctuations. Lack of popularity.
[Basic Analysis] In a recent monthly report, the International Copper Research Organization (ICSG) stated that global refined copper consumption exceeded output by 219,000 tons from January to June this year, and the supply gap was 790,000 tons in the same period last year. Consumers in the United States and Japan have picked up, and Europe is still low. LME copper stocks fell by 675 tons today to 70,850 tons. Aluminum stocks decreased by 1,075 tons and 509,725 tons.
[Technical Analysis] London Copper was supported near 3500. This is the lower track of the upward trend of US$2960 on May 17. There will be a certain amount of time or space repeated. The London Aluminum Cross Small Yangxian indicates that the short-term decline in kinetic energy is facing a change.
[operation recommendations] Shanghai copper, Shanghai aluminum wait and see. (Wang Xin)