Quotes review:
copper:
Overnight LME comprehensive copper closed lower with the recent financial market, closing at 7580 US dollars, down 175 US dollars from the previous day, inventory reduction by 750 tons to 107525 tons.
Shanghai copper 0608 this morning, the main contract opened lower, touched the daily limit board 67370, to close at 67400, down 2780 points the previous day, closing 21782 hand, lighten up 1014 hands.
aluminum:
Yesterday, LME Composite Aluminum closed at 2559 US dollars, down 28.5 US dollars from the previous day, and inventory decreased by 2100 tons to 768,950 tons.
This morning, the main contract of Shanghai Aluminum 0608 closed at 20640, down 250 points from the previous day, trading volume of 37,256 lots, Masukura 158 lots.
Two spot situation:
Copper: The average price of the Yangtze River spot this morning was RMB 67,310/ton, which was RMB 2,440/ton lower than that of the previous day, RMB 100/ton for premium copper for flat water and RMB 0/ton for premium copper.
Aluminum: The average price of the Yangtze River spot was RMB 20,460/ton this morning, down RMB 260/ton from the previous day.
Three message surface:
Southern Copper said it will buy about 100% of Peru's Toromocho copper project today.
Mexico Group yesterday said that after failing to end its strike at the large Cananea copper mine, it declared that the copper shipments in June and July were encountering force majeure.
A senior person at Zambia's MCM copper company said on Tuesday that the company plans to increase its copper production to 240,000 tons in 2008, while its current copper production is 135,000 tons per year.
Rusal Aluminum, the third largest aluminum producer in the world, said yesterday that it plans to increase aluminum production to 5 million tons by 2013 and 2005 production by 2.7 million tons.
Chinalco will acquire a 26% stake in Sichuan Guangyuan Qixing Aluminum and establish a new company controlled by China Aluminum.
From a fundamental point of view: the current market is worried about the interest rate hike and tight supply tensions, if there is no new bullish theme in the short term, coupled with the uncertainty of the Chinese State Reserves throwing copper, copper prices are expected to long position in the fund's long position Push the next test of the support point again. The aluminum fundamentals are flat and there is no bullish news that it is difficult to rise.
Four technical aspects:
Copper: LME composite copper 5-day MA under the 30-day moving average, 5, 10, 20 MA continue to turn down, 30, 60 day moving average slowly upward, the short-term will be the third bottom, not broken 7200 US dollars It will once again attack the 8000 USD line upwards, and will instead explore the 6700 USD area.
Aluminium: LME's comprehensive aluminum line has a few overcasts in the near future and is expected to test the 2,500-dollar line in the short-term.
Five operation suggestions:
After the potential changes are large, short-term operation within days. After the potential attention to the opening opportunity of LME copper 7200 dollar line.