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Overnight, affected by the downward trend of the external market, the main 1705 contract of Shanghai copper opened lower at 46820 yuan / ton
.
After the opening with the rebound of the external market, the bears made up for the risk aversion, Shanghai copper stood firm on the daily moving average, the center of gravity continued to rise, the night high was 47570 yuan / ton, closed at 47530 yuan / ton, down 110 yuan / ton, the trading volume decreased by 198,000 hands to 120626 lots, the position decreased by 2688 hands to 185264 lots, the main signs of moving positions were obvious, and the 1706 contract increased its position by 2366 hands to 170504 lots
.
As mentioned in the next date commentary, copper prices do not have a basis for a sharp decline in the short term, and Shanghai copper in the night market repaired the intraday decline, and it is expected that Shanghai copper will run at 46900~47500 yuan / ton
during the Asian session.
On the macro front, the US non-farm payrolls data performed poorly, but the Fed revealed in the minutes that it will reduce its balance sheet later this year, and the dollar continues to be in a strong market with the current interest rate hike cycle
.
Domestically, macroeconomic data is currently maintaining a positive pace
.
In terms of industry, Indonesia has granted Freeport McMullen Copper-Gold Mining Company a "temporary special mining license", which will allow the company to resume copper concentrate exports during long-term mining negotiations, but the overall supply and demand gap in Shanghai copper is still expected to continue
this year.
Shanghai copper fell for a while under the drag of the external market over the weekend, and then returned to the rise in the case of a weaker dollar, and it is expected that Shanghai copper will fluctuate
strongly in the range of 47500-48000 yuan as downstream inventories continue to decline.
