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On Thursday, the main Shanghai copper contract 1606 rushed back down, closing at 36650 yuan / ton at the end, down 0.
62% from the intraday high of 36880 yuan / ton, down 0.
22%
from the previous closing price.
As the Shanghai copper pullback approached the 60-day moving average, that is, around 36430 yuan / ton, the decline in copper prices slowed down
.
Asia Lun copper continued to fall under pressure, including 3-month LME copper closed down 0.
9% to $4732/mt in Shanghai, hitting a new recent low, and the lower support focused on M60, that is, $4685/ton
.
In addition, on April 5, the position of London copper was 345,000 lots, down 1,959 lots from the 4th, and the copper price reduction this week showed that the copper market was sluggish, and the long and short temporarily left the market
.
Macro: The minutes of the Fed's March meeting showed that Fed officials were cautious about raising interest rates, and the Asian dollar index continued to fall under pressure to around
94.
3.
However, the weak dollar still failed to effectively boost the trend of non-ferrous metals as the market worried about increased supply pressure in the copper market
.
Market: On April 7, the price of Yangtze River spot 1# copper was quoted at 36750-36770 yuan / ton, up 70 yuan / ton from the previous transaction, and the premium was 20 to 40 yuan / ton; Shanghai spot 1# electrolytic copper reported 36730 yuan / ton, up 80 yuan / ton from the previous trading day, flat water copper trading price 36710 up 70, premium copper trading price 36740 up 75
.
Spot copper prices rose slightly during the day, but there was a lack of positive support, the upward momentum was obviously insufficient, the scale of global production cuts was lower than market expectations, and copper prices were still under pressure
in the future.
Overall, the Shanghai copper 1606 contract fell under pressure to 36650 yuan / ton, as the market feared that the supply pressure in the copper market would increase, and miners refused to cut production, preferring to cut costs
.
However, the short-term copper price correction is close to around M60, and it is still necessary to pay attention to the realignment support, while the continued decline of the US dollar index will still bring some support
.
It is recommended that the CU1606 contract be 36,000 yuan / ton as the dividing line
.
