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Overnight, the main 1706 contract of Shanghai copper opened lower at 45760 yuan / ton
.
At the beginning of the session, a slight upward touch at 46140 yuan / ton, with the weakening of the external market, the power of the short side increased greatly, the Shanghai copper center of gravity stepped down, and accelerated the decline after the external diving , the low touched 44800 yuan / ton, triggering the short take profit rebound, closing above the daily average of 45630 yuan / ton, the closing price was the same as yesterday, and the position increased by 3350 lots to 259482 lots
.
Overnight Shanghai copper continued to test the previous low, and it is expected to run at 45300~45800 yuan / ton
within the day.
On the supply side, BHP's Chilean copper mine resumed production; Copper workers in southern Peru began an indefinite strike on April 10; Freeport McMullen Copper and Gold said it had received preliminary permission to resume exporting copper concentrate from its Indonesian branch and hoped to obtain an export license
this week.
Overall, the impact of supply disruptions on the market has gradually eased
.
The World Bureau of Metal Statistics reported on Wednesday that the global copper market was oversupplied by 335,000 tonnes in January-February 2017 and 215,000 tonnes in 2016
.
Domestic data showed China's refined copper production rose 8.
5% year-on-year to 764,000 mt in March, the highest level
since December 2015.
The current spot copper market continues to continue the pattern of supply and demand, the market risk aversion is strong, the premium has expanded significantly, especially good copper, the spot supply is scarce, suppliers are willing to sell, but in the case of weak downstream mining, it is difficult to support a sharp rebound
in prices.
It is expected that after a slight rebound in the short term, copper may continue to maintain a consolidation trend
.
