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On the last trading day before the holiday, Shanghai copper was strong, the main month 1906 contract opened at 48810 yuan / ton, the highest intraday 49070 yuan / ton, the lowest 48770 yuan / ton, settled 48920 yuan / ton, closed 48930 yuan / ton, up 50 yuan, or 0.
10%.
In the external market, China's factory activity in April unexpectedly slowed down, London copper under pressure trend weak, at 15:00 Beijing time, London copper's latest quotation of 6383 US dollars / ton, down 32 US dollars, down 0.
51%.
In the spot market, on the last trading day before the holiday, the trading atmosphere declined, the quotation was basically stable, and only some downstream bargain-hunting continued to replenish, but the buying volume has dropped significantly, and the pre-holiday hedging feature is highlighted
.
In terms of the market, the domestic spot copper price rose slightly, and the Yangtze River nonferrous metal network 1# copper price was reported at 48890 yuan / ton, up 30 yuan, and the premium was 10-90; Guangdong spot 1# copper price was 48940 yuan / ton, up 30 yuan; Yangtze River spot 1# copper price 48940 yuan / ton, up 30 yuan, premium 10-liter 90; Shanghai spot 1# copper price was 48910 yuan / ton, up 70 yuan
.
In terms of industries, Glencore lowered its 2019 copper production target, expecting copper production to be 1.
46 million mt this year, compared with the previous forecast of 1.
54 million mt, adding chips to the copper supply crunch forecast
.
In terms of stocks, LME copper stocks jumped 36,325 metric tons to 232225 metric tons on the 29th, the most since March, and LME copper stocks have increased by 25% since last week, indicating sluggish demand; Domestic pre-holiday spot market activity is weak, the decline in trading limits the upside, and spot copper prices are expected to remain stable
.
On the macro front, overnight US inflation data was low expectations, the US dollar interest rate cut window increased, the US dollar index retreated, and copper prices were partially released
.
The domestic manufacturing PMI data has decreased compared with the previous month, but it is still above the boom and bust line, and the price of Shanghai copper has been pulled down
.
This year, the signs of domestic economic stabilization are gradually obvious, combined with domestic infrastructure data and the gradual recovery of the manufacturing industry, copper prices are expected to support strongly at 48,800, and there is little room for decline
.
May Day holiday May 1-May 3 London copper trading, it is expected that London copper will maintain range volatility, range: 6340-6450
.
