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On Thursday, the main contract of Shanghai copper 1807 rebounded strongly, sharply cutting the previous day's losses, closing at 51380 yuan / ton, close to the intraday high of 51480 yuan / ton, up 1.
18%
on a daily basis.
At present, copper prices have returned to the intersection of moving averages, and the operating range tends to be narrow, which is expected to achieve a directional breakthrough
.
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 1807 contract and 1808 contract slightly widened to 180 yuan / ton
.
In the external market, London copper oscillated and rebounded, weaker than London nickel and stronger than other base metals, of which as of 15:15 Beijing time, 3-month London copper was reported at 6886 US dollars / ton, up 0.
69% per day, and is now back on the moving average group, with enhanced
upward momentum.
In terms of positions, as of May 28, the position of London copper was 317,000, a daily decrease of 1,117 lots, and in the past week, the position of London copper has increased and decreased, indicating that long and short trading is cautious
.
On the macro front, the Asian dollar index fell slightly under pressure and is now trading around
93.
9.
In addition, China's manufacturing PMI rose to 51.
9 in May, higher than the expected 51.
3 and the highest level since September last year, indicating that China's manufacturing expansion accelerated
in May.
The market is currently focused on the US non-farm payrolls data
on Friday night.
On the industry front, labor negotiations at Escondida, the world's largest copper mine, will officially begin on June 1, 2018, when unions expect BHP Billiton to pay them the equivalent of 4% of the company's 2017 dividend, which is about 21.
5 million pesos
.
This requirement could make collective bargaining difficult
.
In terms of the market, on May 31, Shanghai electrolytic copper spot traded at a discount of 40-20 yuan / ton for the monthly contract, and the trading price of flat water copper was 51030-51110 yuan / ton
.
On the last trading day of May, the market stopped and watched, the quotations of holders were stable, the price trend remained unchanged, and the willingness to exchange cash was low
.
Flat water copper has narrowed to the discount of about 40-30 yuan / ton, individual can be received at a low price to a discount of 50 yuan / ton, good copper is stable at the premium of 10-20 yuan / ton, downstream favors the low price of wet copper, wet copper quotation discount 100-80 yuan / ton
.
Market transactions are more wait-and-see, month-end stalemate characteristics are obvious, activity is low, and trading may improve
after the month.
During the day, the Shanghai copper 1807 contract oscillated and rebounded to 51380 yuan / ton, returning to the moving average intertwined, partly driven by the rise of Shanghai nickel
.
At the same time, the short-term dollar index retreated from its highs, giving a partial boost
to copper prices.
In operation, it is recommended that the Shanghai copper 1807 contract can sell high and low in the range of 50800-51600 yuan / ton, and the stop loss is 400 yuan / ton
each.
