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On Monday, the main contract of Shanghai copper 1907 opened at 47130 yuan / ton in the morning, after the short-term high of 47180 yuan / ton at the beginning of the session, the plate fell slightly, the center of gravity remained around 47130 yuan / ton narrow range shock finishing, today's RMB offshore appreciated sharply, once rose above the 6.
90 mark to 6.
8986, short positions in the afternoon, copper prices all the way to the intraday high of 47330 yuan / ton, the center of gravity at the end of the session maintained stability and oscillated at the high of 47280 yuan / ton, closing at 47280 yuan / ton, Up 380 yuan / ton, up 0.
81%.
In terms of external trading, the UK is closed for the spring bank holiday
.
In terms of the market, London copper closed the market, domestic performance commodities were red across the board, and Shanghai copper stood above
47,000 yuan / ton.
Entering the last week of May, the proportion of next month's invoices increased significantly, next month's invoice holders are eager to exchange cash, the morning market good copper quotation premium about 50 yuan / ton, flat water copper premium about 10 yuan / ton, inquiry atmosphere is light, the transaction is calm, next month invoice holders take the initiative to reduce shipments, good copper dropped in the premium 30 ~ 40 yuan / ton, flat water copper hard flat water near the quotation
.
However, some traders sold a large number of goods at low prices, attracting some of the traders' buying interest at ultra-low prices, thus dragging down the entire market quotation, and around 11 o'clock, the flat water copper with a small discount in the market is no longer rare
.
Downstream replenishment is small, because the market still has demand for the current month's invoice supply, some holders insist on the current month's invoice quotation, which is generally about 20 yuan / ton higher than the next
month's invoice.
There are few market recipients, supply will be further relaxed, near the end of the month, the pressure from funds has accelerated the willingness to exchange cash, and the spot discount will still be pressured downward
.
In the afternoon, the price of the market rose rapidly, further inhibiting the downstream buying sentiment, some of the hedging orders were trapped, and the market quotations were reduced, gradually forming a pattern
of supply and demand.
On the whole, the global economy is facing downward pressure, and geopolitical risks remain, short-term risks are likely to intensify, copper concentrate and copper scrap supply is facing a double tight situation, but the momentum of copper price rebound in the case of trade frictions has not fully landed
.
