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Overnight, London copper bottomed out and recovered, basically recovering intraday losses, of which 3-month LME copper edged up 0.
06% from yesterday to $4840/ton, returning to the level
at the end of March this year.
At present, London copper has re-stabilized above M60, and the upper resistance is focused on $4930/mt
.
This week, copper prices are dominated by reducing positions, indicating that the willingness of copper bears to reduce positions has climbed
.
Market: On April 14, Shanghai electrolytic copper spot reported flat water - premium water 50 yuan / ton, flat water copper transaction price of 36680-36800 yuan / ton
.
Although the basis of the next month once expanded by nearly 200 yuan / ton, the willingness of the holders to dump the goods is strong, the market imports of copper continue to be sufficient, and the premium is difficult to push up
.
The middlemen looked for low-priced sources, but did not see the flat water copper discount quotation, and the downstream showed rationality and rarely
bought.
The influence of spot support for copper prices is weak
.
Stocks: as of April 14, LME copper stocks reported 146,500 tons, a slight increase of 25 tons from the 13th; However, as of April 8, the previous Shanghai copper inventory reported 360925 tons, a weekly decrease of 7,800 tons, a decrease of three consecutive weeks, indicating a slight decline in the overall domestic supply pressure in the short term
.
Summary of views: Shanghai copper opened higher overnight, stabilizing above 37,000 yuan, as market expectations for Chinese copper demand improved, but as the overnight dollar index continued to strengthen, copper gains were limited
.
Today's focus is on China's first-quarter GDP, which is expected to be more
.
It is recommended that the Shanghai copper 1606 contract can be cautiously long above 36,500 yuan, and the target is around
38,000 yuan / ton.
