Quotes review:
copper:
Overnight LME Composite copper was blocked at the 8000 USD line and closed at 7,755 U.S. dollars, down 60 U.S. dollars from the previous day, and inventories were reduced by 1,525 tons to 108,275 tons.
This morning, the main contract of Shanghai Copper 0608 opened 980 points and opened at 70,500 to close at 70,200, down 1280 points from the previous day, closing 20,724 contracts and Masukura's 780 lots.
aluminum:
Yesterday, LME’s comprehensive aluminum closed at 2587.5 dollars, down 57.5 dollars from the previous day, and inventories increased by 1,650 tons to 77,1050 tons.
This morning, the main contract of Shanghai Aluminum 0608 closed at 20950, down 250 points from the previous day, the volume of 30328 hands, lighten up 1788 hands.
Two spot situation:
Copper: The average price of the Yangtze River spot this morning was RMB 69,750/ton, which was RMB 1,000/ton lower than the previous day, RMB 200/ton for flat water copper and RMB 0/ton for premium copper.
Aluminum: The average price of the Yangtze River spot was RMB 20,720/ton this morning, down RMB 240/ton from the previous day.
Three message surface:
Japan’s Pan Pacific Copper Co., Ltd. today said that the company has reduced its copper selling price by 30,000 yen/tonne to 930,000 yen/tonne ($8,286 ton).
Tokyo Today's news, Japan's Mitsubishi Materials Corp. will invest about 500 million U.S. dollars in the fiscal year 2009 to increase anode copper production by 30% to 25,000 tons.
The United States Freeport Micron Copper Mines and Gold Mines Ltd. said yesterday that it expects its copper sales at Indonesia's PT Freeport Co. to decline by 16% to approximately 235 million pounds in the second quarter, which is lower than expected.
The Mexican group’s sources said yesterday that although the vast majority of workers in the Cananea copper mine are on strike, a small number of non-union workers are maintaining production.
China National Gold Group and Jiangxi Copper Group jointly developed a silver and copper mine with a value of 20 billion yuan in Jinjiwo, Jiujiang County, Jiangxi Province.
According to a report released by foreign media, the EU may lower its import tariff on aluminum imports by 6% to increase imports from Russia and promote competition among EU producers such as Alcoa.
Kunshan Aluminum Co., Ltd., a joint venture between Kunshan City Sanniu Industry Holding Group and Hanjiang Group, a subsidiary of the State-owned Assets Supervision and Administration Commission, recently started construction in Kunshan. The annual output is 25,000 tons.
From the fundamentals: Copper fundamentals are mixed. In the absence of speculative themes and funds in the international aluminum market, relatively sufficient aluminum inventory and alumina supply will become upward pressure on prices.
Four technical aspects:
Copper: The long-term rising trend of LME's comprehensive copper has not been completely destroyed, and the short- and medium-term technical pattern continues to deteriorate. In the short-term, it is mainly based on the 8,000-dollar shock.
Aluminum: LME integrated aluminum two clips a positive, RSI value is near 34, on the 5th line to wear the 60-day moving average.
Five operation suggestions:
Long and short divergence is bigger, and turbulent prices are better for short-term entry and exit.
The militants’ early lows were more than a single LME copper that did not break the 7200 dollar line with a small amount of caution. LME aluminum station can not stand more than 2,600 dollars to exit and wait and see.