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On Monday, the main force of Shanghai copper 1706 monthly moving average oscillated, after the morning opening from the lowest point oscillated above the moving average, after peaking back to below the moving average, and maintained a sideways consolidation, the end of the day rose slightly, and finally closed at 46490 yuan, up 330 yuan, or 0.
71%, the position decreased by 9304 lots to 229598 lots
.
In terms of external trading, LME copper continued to be
closed in March.
On the macro front, China's GDP in the first quarter started with 6.
9%, the highest growth rate since the third quarter of 2015, better than expected
.
In the previous government work report, the main development target for spending this year is GDP growth of about
6.
5%.
China's real estate development investment growth rate hit a two-year high from January to March, but sales cooled significantly under real estate control
.
Considering the lag in the impact of the decline in sales on real estate investment, in addition to the continued recovery of new construction area, it indicates that developers are in a positive mood and does not rule out the possibility
of further upward growth in real estate investment in the future.
In the spot market, Yangtze River spot 1# copper reported 46360 yuan / ton, up 500 yuan from the previous trading day; Guangdong spot 1# copper price was reported at 46280 yuan / ton, up 480 yuan; Shanghai area 1# electrolytic copper 46300 yuan / ton, up 500 yuan
.
Supply and demand in the intraday market were weak, continuing to fall
from the previous session.
Traders are bearish discounts, moving sentiment is low, downstream due to hedging delivery and other issues, temporary demand is not good, only a small amount of on-demand procurement, market transactions are generally general
.
In terms of industries, Peru released data on Saturday, showing that Peru's copper production in February rose 5.
42% from a year earlier, the lowest growth rate in two years, as heavy rains caused damage
to the country's infrastructure.
In addition, the local copper mine strike also affected the supply of copper mines to a certain extent, or had a certain slowing effect
on the decline in copper prices.
In addition, Peru's cumulative copper production in the first two months of this year increased by 14.
8% year-on-year to 371,000 tons, and the cumulative growth rate of copper production in the country continues to slow down, which shows that the incremental release rate of mines is still decreasing
.
Overall, the current bearish forces are strong, the copper recovery is weak, the pressure above the Shanghai copper 1706 contract still exists, suppressing the price, and it is expected that the copper price will continue to maintain a weak trend
in the box.
In addition, the worries caused by supply disruptions have gradually dissipated, and although it is in the peak season, the downstream has not seen a significant entry into the market, and the trading is temporarily treated with a shock idea
.
The Eurozone March CPI will be released on Wednesday, the Federal Reserve will publish the economic Beige Book on Thursday, and the preliminary Eurozone manufacturing PMI for April will be released on Friday, waiting for guidance on the news
.
