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Overnight, the main 1706 contract of Shanghai copper opened at 45840 yuan / ton
.
At the beginning of the session, Shanghai copper slightly touched up to 45900 yuan / ton, and then affected by the sharp downward trend of the external market, short positions increased, Shanghai copper quickly fell to a low of 45480 yuan / ton, did not touch the lower rail, bulls launched a counteroffensive, the end of the day long and short near the daily average game fierce, Shanghai copper closed at 45700 yuan / ton, down 70 yuan / ton, warehouse reduced 5224 hands to 242824 hands
.
On the macro front, the first quarter GDP data released by the Bureau of Statistics increased by 6.
9% year-on-year, the macro data continued to be better than expected, from the perspective of monetary policy, the central bank continued to carry out reverse repurchase last week, with a net investment of 170 billion, and the currency has improved
slightly recently.
On the dollar front, U.
S.
economic data maintained a strong pattern, but the market declined in the probability of a Fed rate hike in June
.
In terms of industry, WBMS released a report showing that the global copper market was oversupplied by 335,000 tons in January-February 2017 and 215,000 tons in 2016
.
In terms of copper inventories, the recent recovery of LME copper inventories indicates that downstream demand is insufficient, while copper inventories on the Shanghai Futures Exchange have also increased slightly month-on-month, and sufficient copper supplies have put pressure on the spot market
.
According to the latest research report of the International Copper Research Group, world copper production increased by 1 million tons in 2016 to 20.
16 million tons, an increase of 5.
3%.
The increase in copper production was mainly due to the increase in copper mining capacity in Peru, which increased by 650,000 tons, or 38%.
Overnight Shanghai copper under pressure on the 5-day moving average is difficult to break through, domestic financial supervision continues to strengthen, coupled with the tightening of the capital at the end of the month, the internal market is not as good as the external market to resist the fall, it is expected that today's Shanghai copper 45500 ~ 45950 yuan / ton
.