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On Monday, the main 1706 contract of Shanghai copper opened at 45550 yuan / ton, after the opening of Shanghai copper short-term rushed to 45550 yuan / ton, with the low opening of the two cities, and the collective decline of commodities, bears entered the market in a big way, copper prices leaked sharply, and then long and short entered the market one after another, copper prices around 44900 yuan / ton repeated consolidation tests, the last round of bears issued the last round of attack, Shanghai copper fell below the lower Bollinger Road, probed low to 44650 yuan / ton, with 44700 yuan / ton closed at the long black line, down 350 yuan / ton
。
In terms of external trading, London copper opened at 5607 US dollars / ton, after a short stay near the daily moving average during the Asian session, with the low opening of the two cities in China, and the collective decline of commodities, copper prices straight down, the center of gravity fell back to 5527 US dollars / ton around consolidation, in the afternoon with the dust of the French election settled, the euro fell, the dollar passively rose, copper prices continued to test to 5483 US dollars / ton, touched the lower Bollinger Road rail, and then the LME announced that copper stocks decreased by 3100 tons, copper prices rose slightly, As of 17:47, London copper was trading at $5501.
5/mt
.
The intraday copper plate continued to test lower, and the lower band of the Bollinger Road below was temporarily supported, and the market was bearish in the short term, focusing on whether it could hold the lower band support
.
On the macro front, after data from the US Department of Labor showed that 211,000 new non-farm payrolls were added in April, exceeding expectations of 190,000, the president of the St.
Louis Fed said that the Fed's interest rate is already at the right level and it should start reducing its balance sheet in the second half of the year
.
It is reported that most Fed officials now expect the Fed to raise interest rates twice
more this year.
China's import and export growth in April fell sharply from the previous month, with data from the General Administration of Customs showing that China's trade balance in US dollar terms was US$38.
05 billion in US dollars, higher than expectations of US$35.
2 billion.
China's exports rose 8% year-on-year in April, falling short of expectations of 11.
3%; Imports rose 11.
9% year-on-year, also below expectations of 18%.
The analysis believes that the weakening of imports and exports is mainly related to
the seasonal adjustment of the US economy, the increase in domestic supervision and the weakening of commodity prices, which affect the real economy.
In terms of the market, Shanghai copper turned up to fall, the opening encountered selling pressure and quickly fell nearly 700 yuan / ton, holders have bargained for cash, the supply of copper market is relatively abundant, there are many quotations, there are few helpless to receive goods, the plate is under serious pressure, the market is cautious about the future market, the bearish atmosphere is rising again, the copper premium is difficult to have room to rise, speculators ask for more, a small number of speculators buy cash selling period, downstream on-demand mainly, the transaction is general, showing Monday characteristics
。 In the afternoon session, the plate continued to consolidate at a low level, the transaction was more weak, the quotation was more reactional, the good copper premium quickly fell to 50 yuan / ton, the price of flat water copper is still firm, reported premium 40 yuan / ton - 50 yuan / ton / ton, the transaction price is 44830 yuan / ton - 45000 yuan / ton
.
In terms of industry, data from the General Administration of Customs showed that domestic imports of unwrought copper and copper products in April this year fell by 33.
33% year-on-year to 300,000 tons, a new low since October 2016, and imports of unwrought copper and copper products in the first four months of this year fell by 22.
9% year-on-year to 1.
45 million tons
.
Peruvian workers voted to hold a nationwide strike in June to protest a government proposal
that endangers labor rights.
Peru is the world's second-largest copper producer, producing 2.
35 million tonnes
of copper last year.
Differences between Cerro Verde, a Cerro Verde copper miner owned by Freeport, remain unresolved, and unions have threatened a new strike
.
Overall, the global macroeconomic recovery is relatively moderate, but the tightening of funds still has a pressure on copper prices, and the downstream has always had limited access to the market during the peak consumption season, and the supporting effect of terminal consumption on copper prices will gradually weaken with the end of the consumption season, and maintain a bearish idea
in the medium term.
