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On Tuesday, the main 1807 contract of Shanghai copper opened at 51850 yuan / ton, and the opening auction stage traded very
fiercely.
Bulls entered the market with their positions, pushing copper prices up rapidly and continuously, and the upward momentum was insufficient
after touching 52340 yuan / ton.
After that, the overall downward trend was volatile, and the decline slowed down
after testing 51840 yuan / ton.
At noon, copper prices rebounded, briefly sorted out along the line of 51915 yuan / ton, and then the center of gravity fell again, testing down 51690 yuan / ton, and then the overall operation was between 51720~51820 US dollars / ton
.
The late-day volatility continued, closing at 51760 yuan / ton, up 420 yuan / ton
.
In terms of external trading, London copper opened at 6917.
5 US dollars / ton, after the opening of the Asian market, London copper rose straight up, touching 6964.
5 US dollars / ton after insufficient upward momentum, hindered at 6964.
5 US dollars / ton
.
Then it showed a stepwise downward trend, testing down at $6909/ton
.
The center of gravity rose at noon, finishing at the line
of $6923/ton.
It fell again in the afternoon, testing the lower of $6,891 / ton before the decline ended, running along the $6,905 / ton line
.
After entering the European and American time, London copper climbed upward, touched 6943 US dollars / ton after the rally stopped, and the shock ran in the range of 6920 ~ 6940 US dollars / ton
.
In terms of the market, during the day, Shanghai electrolytic copper spot contracts reported a discount of 10 yuan / ton - 50 yuan / ton for the month, the trading price of flat water copper was 51720 yuan / ton - 51940 yuan / ton, and the trading price of premium copper was 51750 yuan / ton - 51980 yuan / ton
.
In terms of stocks, COMEX copper stocks 231648 short tons as of June 1, an increase of 284 tons from the previous day; LME copper stocks were 317,950 tonnes, up 6,425 tonnes from the previous day; As of June 4, the SSE futures inventory was 135,060 tons, down 2,336 tons
from the previous day.
Industry news, on May 31, the Central No.
1 Environmental Protection Supervision Group stationed in Hebei Province, and on June 1, the Central No.
1, No.
3 and No.
4 Environmental Protection Supervision Groups were stationed in Henan Province, Ningxia Province, and Jiangxi Province respectively to carry out environmental protection inspectors "looking back", the settlement time is one month (June 1-July 1, 2018), during the environmental protection inspection period or the production and construction site start of steel mills, coke enterprises, cement and other industries in the region
.
There was good progress in Sino-US consultations over the weekend, and on the whole, due to the decline in risk aversion factors, coupled with the supporting factors of copper mine supply, it is expected that copper prices will maintain a strong trend of volatility in the short term, and the main fluctuation range of Shanghai copper is 51500-52500 yuan
.
Continue to pay attention to macro risks and the progress of
labor negotiations at the copper mine end.
FYI
.
