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On Monday, the Shanghai copper 1708 contract opened at 45360 yuan / ton, after the opening of Shanghai copper quickly fell back to 45310 yuan / ton around consolidation, intraday long and short average short-term operation, copper price running smoothly, at 45280 yuan / ton closed small white line, down 130 yuan / ton, intraday Shanghai copper sideways, Bollinger Road mid-rail pressure is obvious, short-term back against the mid-rail consolidation
.
In terms of the external market, London copper opened at 5658 US dollars / ton, after the opening copper price around 5662 US dollars / ton line consolidation, after the Asian market closed copper price dived, fell below the middle of the Bollinger track, probed down to 5606.
5 US dollars / ton, in the 20-day moving average after receiving support after repairing upward, as of 17:27, London copper reported 5630.
5 US dollars / ton
.
Intraday copper continues to weaken and may be able to repair upwards, focusing on mid-band support
.
On the macro front, U.
S.
nonfarm payrolls changed by 138,000 in May, at least the second lowest level since October last year and far below expectations of 182,000
.
The dollar index has been weighed down again, and market expectations have begun to diverge
whether to raise interest rates in June.
China's Caixin service PMI in May was 52.
8, higher than the previous value of 51.
5, the first rise this year, the analysis believes that the current service industry and manufacturing trends divergence, the domestic economy is still worried, need to further observe whether the differentiation situation intensified
.
The Shanghai Interbank Offered Rate continued to rise, with Shibor jumping more than 9 basis points to 4.
2830% in one month, Shibor rising more than 2 basis points to 4.
6225% in three months, and the one-year HIBOR rate at 4.
3862%.
In terms of the market, Shanghai copper weak finishing, holders want to pull up water, push up the current copper to reproduce a small premium quotation, but in the early stage of some imported copper arrival, the proportion of low-end copper imported in the market increased, especially wet copper performance is obvious, and flat water copper to open the price difference, middlemen to short flat fast, active operation enthusiasm declined, downstream on-demand delivery, the market highlighted Monday characteristics
。 In the afternoon session, the transaction continued to weaken, the holders were weak, the spot premium was loose, the good copper newspaper discount 10 yuan / ton - 10 yuan / ton, flat water copper discount 40 yuan / ton - discount 10 yuan / ton, the transaction price was 45160 yuan / ton - 45260 yuan / ton
.
Overall, the global macroeconomic recovery is relatively moderate, the appreciation of the RMB, the increase in risk aversion, and the tightening of funds still put pressure on the copper market, and the supporting effect of terminal consumption on copper prices will gradually weaken with the end of the consumption season, and maintain a bearish idea
in the medium term.
