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Trade Service
On Monday, the Shanghai copper 1606 contract soared and retreated
.
After the opening, dragged down by crude oil, copper prices fell back to around 35800 yuan / ton, and then stimulated by the strengthening of A-shares to record the highest level of 36150 yuan / ton in the day, but also weak, continued to be dragged down by crude oil, fell to the lowest level of 35730 yuan / ton, 1606 contract finally closed at 35830 yuan / ton, down 40 yuan / ton, down 0.
11%.
In terms of external trading, the London copper Asian session was boosted by the Chinese market, copper prices touched all the way to 4703.
50 US dollars / ton and then was unable to rush up to the high level to stabilize, long and short hesitation almost no trading
.
Dragged down by crude oil during the European session, bulls took profits and left the market, copper prices once again tested down at $4636 / ton, under pressure is difficult to return, as of 18:00, London copper reported 4639 US dollars / ton
.
Macro: The Asian dollar index fluctuated in a narrow range around 94.
2, while U.
S.
crude oil futures retreated, indicating that there is a short-term need for a technical correction after recording a
gain of more than 8.
3% last week.
In addition, China's March CPI rose 2.
3% year-on-year, slightly lower than expected and prior; PPI was -4.
3% y/y, better than expected and prior
.
PPI fell for 49 consecutive months but the decline narrowed, indicating that the industrial economy has stabilized and rebounded, and a series of Chinese economic data releases have been released this week, and the overall expectation is more neutral
.
Market: On April 11, Shanghai electrolytic copper spot reported a premium of 10 yuan / ton - 80 yuan / ton, flat water copper trading price of 35900 yuan / ton - 36060 yuan / ton, and a premium copper trading price of 35920 yuan / ton - 36100 yuan / ton
.
Shanghai copper fluctuated upward during the day, and the basis of the next month once expanded to 80 yuan / ton, and the copper premium expanded to 30-80 yuan / ton
compared with last Friday.
In the first quarter, middlemen buy
on the dip.
Since the second quarter, copper prices have rebounded, rushing up to 36,000 yuan / ton integer mark, and the premium has been suppressed
.
The market source is mainly imported copper, and the transaction is concentrated among traders, and the transaction first rises and then declines, and the characteristics of Monday are obvious
.
On the whole, Shanghai copper rushed back down during the day, and the corresponding intraday black series and chemical commodities were sealed at the price limit, highlighting the weakening of the intrinsic upward momentum of copper prices, lack of market confidence, copper prices may continue to pullback, but in view of the positive changes in China's economy, its downside is relatively limited
.
