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Today's Shanghai copper current month 1705 contract opened at 44990 yuan, down 470 yuan, 09:15 Shanghai copper 1705 contract at 44950 yuan, down 510 yuan
.
Data released yesterday showed that China's Caixin services PMI in April was 51.
5, the lowest since June 2016 and fell for four consecutive months, while the previously released Caixin manufacturing PMI also fell back to the lowest in seven months, slowing
both the growth rate of service and manufacturing output.
The overall poor performance of China's economic data has caused concerns about industrial metal demand, and the copper market is on the bearish side, and spot copper is expected to continue to fall
today.
LME copper stocks rose another 33,000 tonnes on Thursday, extending the week's gain to 64,000 tonnes or 25%, the biggest weekly gain since March, and London copper fell further under pressure, falling as low as $5,494 during the session before rebounding slightly to return above
$5,500.
From various indications, the short-term copper price of $5500 line still has a strong bottom support, so after the copper price fell for several days to release some risks, some traders chose to replenish today's dip, and the market inquiry atmosphere was positive
.
However, holders are reluctant to sell, and the trading volume is still low
.
In terms of copper manufacturers, due to the weakening of demand in the off-season, in the case of unclear price trends, it is still cautious to wait and see
.
The industry target is to focus on tonight's non-farm payrolls
.
South Reserve East China quotation: the average spot price of electrolytic copper was 45190 yuan, down 240 yuan; Liter discount quotation, 50 to 90 yuan, down 10 yuan
.
In East China, the quotation of cargo holders was positive, but the enthusiasm of the market to take goods decreased compared with yesterday, and holders had to lower the premium to facilitate the transaction during the day, and the transaction was still average
.
The premium copper mainstream trading pair futures contract premium 80-90 yuan, flat water copper premium 40-60 yuan, wet copper premium 10-20 yuan
.
South China Reserve quotation: the average spot price of electrolytic copper was 45150 yuan, down 240 yuan; Liter discount quotation, 10 to 50 yuan, down 5 yuan
.
In Guangdong, futures fell sharply, today's holders are actively shipping, downstream inquiries are acceptable, and low-priced sources are favored; By the second trading session, the spot premium was slightly raised, but the transaction did not improve, and the overall low-price transaction was the mainstay
.
The mainstream trading of premium copper is about 60 yuan for futures contracts in the month, and the premium for flat copper is 10-30 yuan
.
