At 10:15 in the morning, the Shanghai copper futures closed at 77,970 yuan/ton, up by 40 yuan, or 0.05%. The spot market transactions were sluggish, with dealers quoting prices in line with the closing price. Sellers were relatively cautious in selling, and the downstream market was waiting and inquiring. The atmosphere for entering and making inquiries was quiet, and the trading activity in the market was low. According to the data from the Yangtze River Nonferrous Metals Network, the average price of spot 1# electrolytic copper in the Yangtze River region was reported at 78,190 yuan/ton, down by 110 yuan/ton compared to yesterday, with a spot premium of 220 yuan/ton, down by 40 yuan/ton compared to yesterday.
I. Price Trend and Technical Characteristics
On Wednesday (July 16th) in the early morning of the Asian trading session, at 10:00 Beijing time, the latest price of London three-month copper was reported at 9,650 US dollars/ton, down by 7.5 US dollars (-0.08%), but the cumulative decline for the month reached 2.4%, and it dropped by 3.6% compared to the three-month high of 10,020 US dollars/ton set in early July.
