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On Thursday, the Shanghai copper main 1807 contract opened at 51310 yuan / ton in the morning, touching a high of 51370 yuan / ton at the beginning of the session, and then fell
slightly.
After testing the low of 51220 yuan / ton, the decline stopped, and it operated along the 51260 yuan / ton line
.
In the afternoon, the short position was reduced, which boosted the rapid upward trend of copper prices, which was hindered by a slow fall
after 51480 yuan / ton.
At the end of the day, a wave of short positions were reduced, and copper prices rose slightly, closing at 51380 yuan / ton, up 50 yuan / ton
.
In terms of external trading, London copper opened at 6849 US dollars / ton, touching a high of 6860 US dollars / ton at the beginning of the session, and then fell slightly to test a low of 6833 US dollars / ton
.
In the morning, the overall upward trend of London copper crossed the daily moving average, touched a high of 6873 US dollars / ton in the afternoon, and then slowly fell back to 6854 US dollars / ton
.
After entering the European and American time, it continued to climb upward, touching a height of 6895.
5 US dollars / ton
.
In the afternoon, LME copper inventories reported a surge of 28,150 tons, dragging London copper down continuously, and the decline ended after testing down $6,828 / ton
.
As of 17:10, it was quoted at 6840.
54 US dollars / ton
.
In terms of the market, Shanghai copper fluctuated along the 51,000 yuan / ton line, and on the last trading day of May, the market stopped and watched, the quotations of cargo holders were stable, the price trend remained unchanged, and the willingness to cash out was low
.
Flat water copper has narrowed to the discount of 40 ~ 30 yuan / ton, individual can be received at a low price to discount 50 yuan / ton, good copper stable at the premium of 10 ~ 20 yuan / ton, downstream favor wet copper low-price supply, wet copper quotation discount 100 ~ 80 yuan / ton
.
Market transactions are more wait-and-see, month-end stalemate characteristics are obvious, activity is low, and trading may improve
after the month.
In the afternoon session, the willingness of cargo holders to exchange cash is still low, and the stalemate pattern continues
.
The premium pattern lacks attention, low-priced sources are difficult to find, and few transactions are made
.
In terms of stocks, as of May 25, COMEX copper stocks were 245,440 short tons, down 1,517 tons from the previous day; LME copper stocks were 283375 t as of May 30, down 11,375 tonnes from the previous day; As of May 31, SSE futures inventories were 140456 tons, down 2,563 tons
from the previous day.
Labor negotiations at Escondida, the world's largest copper mine, will officially begin on June 1, 2018, when the union wants BHP Billiton to pay them the equivalent of 4% of the company's 2017 dividend, which is about 21.
5 million pesos
.
This requirement could make collective bargaining difficult
.
During the day, the main force of Shanghai copper opened low and went high as a whole, recovering some of yesterday's losses, and bears left the market
.
At present, the upper moving average of the main force of Shanghai copper is dense, and KDJ tends to be closed
.
It is expected to test the first-line support capacity of 51250 yuan / ton in the short term, and pay attention to the guidance of the external trend
.
