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Today's copper price analysis: The steady recovery of U.
S.
capacity utilization in recent weeks has boosted the market's optimistic expectations for a decline in U.
S.
crude oil inventories, oil prices hit a new high in nearly a month yesterday, commodity market sentiment was boosted, overnight London copper was on a strong side, closing up $25 at $5,783, up 0.
43%.
The trading volume of 10105 lots decreased by 9681 lots, and the position volume 340275 increased by 6239 lots
.
Due to the Qingming market is closed, there is no trading
in Shanghai copper in the evening.
In terms of inventory: data released by the London Metal Exchange on April 4 showed that London copper stocks decreased by 4,025 metric tons to 279875 metric tons, and the proportion of LME copper write-off warehouses to inventory on the 4th was 41.
25%.
London copper inventories continued to decline last week, with a weekly cumulative decline of 6.
83%, the lowest level in three weeks
.
Shanghai copper inventories fell by 5,208 tonnes, or 307376 about 1.
67%, to a five-week low last week
.
Domestic market: Today's Shanghai copper current month 1704 contract opened at 46830 yuan, down 680 yuan, 09:10 Shanghai copper 1704 contract at 46980 yuan, down 530 yuan
.
In the past March, the copper market was not in the peak season, and the market hoped that demand would slowly recover after the holiday; During the Qingming Festival, London copper fell by 1.
33%, and the domestic market resumed trading today, and it is expected that Shanghai copper will make up for the decline today, and spot copper may follow suit
.
News: The ISM manufacturing index in the United States in March was 57.
2, higher than the expected reading of 57.
1, below the previous reading of 57.
7, according to data released by the Institute for Supply Management (ISM) on Monday, indicating that the US manufacturing industry continues to expand
.
On April 1, Xinhua News Agency broke the tranquility of the Qingming holiday: the Central Committee of the Communist Party of China and the State Council issued a notice deciding to establish the Xiong'an New Area
in Hebei Province.
Xiong'an New Area is another new area of national significance after Shenzhen Special Economic Zone and Shanghai Pudong New Area, and is a major project of the millennium and a major national event
.
Overall, investors expect a recovery in China's base metals demand, which will boost copper prices, but the longer the recovery in Chinese demand drags on, the greater the pressure on non-ferrous metal prices, and the long-term trend remains to be seen
.
