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On Monday, the main contract of Shanghai copper 1807 rushed back down, closing at 51760 yuan / ton at the end of the day, and trading at 52340-51490 yuan / ton during the day, up slightly by 0.
54%
per day.
At present, copper prices are initially running above the moving average group, and the short-term upward willingness is rising
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near, low and far high, and the positive price difference between Shanghai copper 1807 contract and 1808 contract widened slightly to 190 yuan / ton
.
In the external market, the Asian market London copper oscillation higher, of which as of 15:35 Beijing time, the 3-month London copper was reported at 6935 US dollars / ton, up slightly 0.
43% per day, and is now back on the moving average group
.
In terms of positions, as of May 31, the position of London copper was 320,000, a slight increase of 340 lots per day, and the position of London copper has increased and decreased in the past week, showing that long and short trading is cautious
.
On the macro front, the Asian dollar index oscillated and declined, now trading around
93.
9.
The US non-farm payrolls report for May released on Friday was relatively strong, with the unemployment rate hitting an 18-year low of 3.
8% in May, indicating that the US labor market continues to improve
.
At the same time, China's Caixin manufacturing PMI in May was flat month-on-month and continued to stabilize above the 50-boom line, indicating that China's manufacturing industry continued to expand
.
In terms of industry, it is reported that global miner BHP Billiton said on Friday that negotiations have begun on a new labor contract for the company's Chilean Escondida miners, in which the mine has offered a one-time incentive of $34,000 for each
worker.
In terms of the market, the basis of copper in the morning market Shanghai once widened to 200 yuan / ton line, traders have a strong willingness to rise water, the holder's quotation has been fully premium, downstream fear of height, and the basis of the next month quickly narrowed to around 160 yuan / degree, good copper from 60 yuan / ton to 40-50 yuan / ton, flat water copper 20 yuan / ton quotation straight down to the flat water line to have centralized trading, the second trading session, flat water copper has a large area of discount 10 yuan / ton transaction, Bulgaria and other imported copper quotations are discounted by 40-30 yuan / ton, and trade activity has not improved
.
In the second trading session, the willingness of holders to cash out gradually became stronger, the space for price reduction was enlarged, but the market transaction did not improve, the sentiment of holders to support the price was blocked, and the transaction showed obvious characteristics of wait-and-see stalemate on Monday
.
During the day, the Shanghai copper 1807 contract oscillated to 51760 yuan / ton, initially returning to the operation above the moving average group, partly driven by China's strong manufacturing PMI
.
At the same time, the short-term dollar index retreated from its highs, giving a partial boost
to copper prices.
In terms of operation, it is recommended that the Shanghai copper 1807 contract can sell high and low in the range of 51500-52500 yuan / ton, and the stop loss is 400 yuan / ton
each.
