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On Friday, the main contract of Shanghai copper jumped again and fell from the high, with an intraday trading range of 51700-51350 yuan / ton, and closed at 51440 yuan / ton, up 0.
72% per day, and the current copper price is still stuck in the oscillation finishing platform
built in the past month.
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 1806 contract and 1807 contract slightly widened to 60 yuan / ton
.
In the external market, Asia City Lun copper around 6915 US dollars / ton around a narrow range, basically maintained the overnight recorded up to 1.
5% gain, of which as of 15:15 Beijing time, the three-month LME copper reported 6914 US dollars / ton, basically unchanged
from the previous day.
In terms of positions, on May 9, the position of London copper was 315,000, a daily decrease of 1,032 lots, and this week London copper mainly increased its positions, showing that the difference between long and short increased
.
In terms of the market, the basis of Shanghai copper next month continued to narrow to around 180 yuan / ton, the weekend has arrived, and there are only two trading days left before delivery, the willingness of holders to hold up the price is at the ebb tide, the morning market quotation premium 20-90 yuan / ton, the market supply is loose, traders and downstream are lack of buying interest, holders take the initiative to reduce the premium to 10-80 yuan / ton
.
In the second trading session, traders eager to exchange cash have reported a premium of 70 yuan / ton, flat water copper has reached flat water in order to seek transactions, downstream to maintain rigid demand, wet copper supply is limited, the quotation maintained stability yesterday quotation discount of 60-40 yuan / ton
.
After eleven o'clock, flat water copper was the first to appear with a small discount of 10 yuan / ton
.
Weak consumption and the return to the discount situation after the change of month have made the willingness of holders to cash out, and the market performance has enough room for
price reduction.
On the macro front, the Asian dollar index oscillated slightly, basically maintained the overnight decline, now trading around 92.
7, the US core CPI rose 0.
1% month-on-month in April, lower than the expected rise of 0.
2%, inflation data is moderate, reducing the market's expectations
for the Fed to accelerate the pace of interest rate hikes.
In terms of industries, as of May 10, London copper stocks reported 285075 tons, a decrease of 15 consecutive days, a cumulative decrease of 74,200 tons, and the current inventory level hit a low of nearly three and a half months
.
During the day, the Shanghai copper 1807 contract fell back to 51440 yuan / ton, still stuck in the intersection of moving averages, as the US dollar index fell under pressure, and the recent decline in London copper inventories brought a partial boost
.
In terms of operation, it is recommended that the Shanghai copper 1807 contract can sell high and low in the range of 51000-52000 yuan, and the stop loss is 500 yuan / ton
each.
