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On Thursday, the Shanghai copper 1607 contract opened at 37140 yuan / ton, the futures market opened after iron ore, rubber, thread, etc.
fell, bears entered the market to suppress copper prices, and then coking coal, coke, etc.
turned down, Shanghai copper further expanded the decline, copper prices fell to around 36860 yuan / ton, some bears profit exited, copper prices rose slightly, but at the end of the day the US index rose sharply to 93.
35, London copper took the lead in falling, Shanghai copper showed a sharp pullback, low touch 36820 yuan / ton, closed at 36840 yuan / ton, down 510 yuan / ton , down 1.
37%.
On Thursday, London copper opened at 4853 US dollars / ton, during the Asian session, London copper shock slightly rose to the highest level of 4866 US dollars / ton, and then the domestic black series continued to pull back stampede, London copper was affected and suppressed to 4838 US dollars / ton, and then crude oil helped to recover some of the declines, and in the afternoon it changed again and dived straight down; Entering the European session, London copper tried to stabilize but was still under pressure to go down to 4801.
5 US dollars / ton, where it received support low rebound, as of 17:15, London copper reported 4817 US dollars / ton, down 0.
50%.
On the macro front, the disappointment of Sino-US economic data since this week continues to ferment, coupled with the impact of domestic futures market policies on the withdrawal of funds, the overall adjustment pattern is obvious
.
The dollar rose sharply yesterday as Fed officials said they did not rule out a rate hike in June, but so far the data is not supportive, there will be an employment report over the weekend, the dollar may still fluctuate sharply, and the price of base metals such as copper will still be affected
.
In terms of fundamentals, on May 5, Shanghai electrolytic copper spot reported a discount of 10 yuan / ton - 20 yuan / ton of water premium, flat water copper transaction price of 36820 yuan / ton - 36960 yuan / ton, and premium copper trading price of 36830 yuan / ton - 36980 yuan / ton
.
Shanghai copper continued to fall, falling below 36,900 yuan / ton, so that the current copper quotation from discount to premium, good copper opened the market to report a premium of 20 yuan / ton, flat water copper reported a discount of 10 yuan / ton was closed
in seconds.
Trading was active
at the beginning of the morning.
Downstream due to the sharp decline in the market, just need to replenish more active
than before.
The recovery in early trading led to an increase in the proportion of imported copper market and an increase
in market supply varieties.
The overall bullish sentiment of the copper market continued to push, but the rapid rise also inhibited trade flows, and the intraday market conditions first rose and then suppressed
.
Overall, copper prices performed the weakest, yesterday has broken the 60-day moving average, because copper concentrate and concentrate copper production growth is too large, the supply side is not support but pressure, price increases are only peak season demand recovery, as the peak season gradually ends, copper will peak down
.
