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On Tuesday, the main contract of Shanghai copper 1805 fluctuated in a narrow range around 50500 yuan / ton, closing at 50530 yuan / ton at the end of the day, intraday trading at 50640-50150 yuan / ton, down 0.
04% per day, short-term copper prices are still running at the interweaving of moving averages, temporarily dominated by technical rebound, and the upper rebound resistance focuses on 51,000 yuan / ton
.
In terms of term structure, the positive price difference between Shanghai copper 1805 contract and 1806 contract remained at 160 yuan / ton
.
In the external market, the Asian City Lun copper gap opened higher, of which the 3-month LME copper reported 6790 US dollars / ton, up 0.
73% on a daily basis, still running
at the interweaving of moving averages.
In terms of positions, on March 28, the position of London copper was 299,000 lots, a daily decrease of 1,147 lots, and the recent increase and decrease of London copper positions showed that long and short trading was repeated
.
In terms of the market, on April 3, Shanghai electrolytic copper spot contracts reported a premium of 30 yuan / ton - 100 yuan / ton of water premium, and the trading price of flat water copper was 50350-50670 yuan / ton
。 The market in the morning again shows the scene of crazy buying, the morning market low 50300 yuan / ton line, the quotation premium 20-50 yuan / ton, buying influx, quotation instantaneous up, and climbing, at 10 o'clock has appeared 50-100 yuan / ton quotation, the second trading session, the quotation finally after the end of the first wave of buying, stable at 70-100 yuan / ton, the market rush also stabilized, after 11 o'clock, the plate rush slowed down, the high gave up a small amount of gain, the market tends to calm, The number of stoppers increased, and the holders relaxed their quotations slightly, falling to a premium of 50-90 yuan / ton
.
The market continues to be controlled by sellers, with traders and downstream maintaining a high degree of activity, showing the characteristics of
a pre-holiday stocking boom.
In terms of stocks, copper stocks in the COMEX period as of April 2 233927 short tons; LME copper stocks were 383075 tonnes as of 29 March, down 5,100 tonnes from 28 March; As of April 3, SSE futures inventories were 141272 tons, an increase of 2,824 tons
from the previous day.
In the short term, the trade war at the macro level continues, temporarily postponing the negative impact on copper prices, the recent fundamentals are good news, which supports copper prices, but the recovery of downstream consumption slowly inhibits the upward momentum of copper prices, and the performance of the plate is slightly weak, it is expected that copper prices will maintain a slow bottoming rebound trend, pay attention to inventory changes, and the evolution of
the trade war.
FYI
.
