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Today's Shanghai copper main 1806 contract was dragged down by the external trend, and the gap fell
downward.
The morning market opened at 50750 yuan / ton, the bears dragged down unsuccessfully at the beginning of the session, and the center of gravity moved slightly up to the 50850 yuan / ton line, steadily rising slightly above the daily moving average
.
The afternoon opening fell slightly, testing a low of $50,950 / ton, and then continued the volatile upward trend, moving up away from the daily moving average, and long and short positions were reduced one after another
.
The rally continued at the end of the day, closing at 51,190 US dollars / ton, down 420 yuan / ton, with the trading volume down 96,000 lots to 130,000 lots, and the position down 1,664 lots to 195,000 lots
.
South Reserve East China: the average spot price of electrolytic copper was 50,750 yuan / ton, down 850 yuan / ton; Liter discount quotes, -40 to 0 yuan, down 290 yuan
.
In East China, the market activity after the holiday was low, and the morning quotation was firm, but the transaction was weak, and the transaction gradually improved after the shipper took the initiative to reduce the premium
.
As of the close, the premium copper mainstream trading pair futures contract discount of 0-10 yuan, flat water copper discount 30-40 yuan, wet copper discount 120 yuan
.
South China: The average spot price of electrolytic copper was 51020 yuan / ton, down 830 yuan / ton; The price of the liter discount was 230 to 270 yuan, down 275 yuan
.
In Guangdong, after the May Day holiday, the inventory doubled to 23,000 compared with before the holiday, and holders took the initiative to reduce prices and shipments, and the market did not worry about no goods, only buyers
.
Overall, today's Guangdong market is in a wait-and-see mood, and the transaction is relatively quiet
.
As of the close, the premium copper mainstream trading pair futures contract premium 270-280 yuan, flat water copper premium 220-240 yuan, wet copper premium 190-200 yuan
.
Today's Caixin manufacturing report for April in China was higher than expected, positive for copper prices
.
At the same time, London copper jumped upward, recovering the two-day decline, and Shanghai copper rose steadily after the open
.
On the macro front, Sino-US trade negotiations are imminent, easing sentiment is good for the copper market
.
It is expected that the main shock of Shanghai copper will be strong in the near future, and pay attention to the negotiation results and follow-up
.
