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On the last trading day of last week, the Shanghai copper 1705 contract opened low at 46820 overnight, but the Shanghai copper stopped falling and stabilized in the evening, slowly fluctuating higher, and at the end of the day rose to the 47500 line range to finish, and finally closed at 47530
when the market stopped.
During the day, London copper fell sharply, stopped falling and stabilized after touching the $5760 line during the session, and then rebounded strongly at the end of the day, rising to the $5850 line and then finishing around the area under pressure and finally closing at $5847.
50, down 0.
52%
from the previous session.
On the macro front, data released on Friday showed that the number of new jobs in the United States in March was 98,000, well below expectations of 180,000, although there is a view that the cold and snowstorm weather and department store closures led to disappointing
job growth in March.
Last week, the United States fired cruise missiles at an air base in Syria, escalating U.
S.
tensions with Russia and Iran, prompting investors to withdraw riskier assets
.
On Monday, watch for China's March social financing volume, March M2 money supply and new RMB loans, and the US LMCI Labor Market Conditions Index
for March.
Combined with the recent performance of the base metal market, today's market may continue to be weak and volatile, and some weak varieties do not rule out the possibility
of further decline.
On the supply side, workers at Southern Copper's Toquepala, Cuajone copper mine and Ilo smelter voted to strike indefinitely starting April 10, hoping for a larger share of the company's profits in 2016, while Southern Copper said it was willing to study the proposal
.
In terms of stocks, LME copper stocks 265325 tons, a decrease of 5225 tons; On the 7th, the copper warehouse order in the previous period was 152344 tons, a decrease of 2155 tons
.
From a trading point of view, copper supply is sufficient, London stocks have fallen, but the spot discount continues to expand to $32, COMEX stocks have been increasing steadily every day in a small way, and Shanghai inventories continued to increase
last week.
The domestic consumption season is coming, but demand is not as expected, short-term prices continue to maintain range-bound markets, but if consumption continues to weaken, copper is expected to begin to fluctuate lower, last week's recommended bears continue to hold, rebound around 48000 can continue to be a small number of short
.
