Domestic commodities fell sharply after copper prices are still mainly bearish

In terms of external trading, London copper opened at 5660 yuan / ton, the capital continues to show a tight trend, after the opening copper price short-term rushed to 5694 US dollars / ton, and strive to break through the adhesion of the upper three moving averages, the bulls fell into the bag for safety, copper prices fell back to the daily average of 5674 US dollars / ton around consolidation, in the afternoon, with the rise of the yuan, commodities fell collectively, bulls have flowed out, copper prices fell smoothly, a slight consolidation near the middle rail, as of 17:45, London copper reported 5636 US dollars / ton, down 22 US dollars / ton, Crude oil reported at $48.
73 / barrel, the dollar index was reported at 97.
319, intra-day London copper continued the downward trend, major banks will be on June 10 this year to assess various indicators, when some loan approvals will be suspended, capital will show a tense trend, the yuan has shown a skyrocketing trend, commodity market pressure is getting heavier, the evening Bollinger Road middle track is difficult to support
.

On the macro front, data released by the National Bureau of Statistics showed that China's official manufacturing PMI in May was 51.
2, higher than the expected value of 51.
00, while the official non-manufacturing PMI for May was 54.
5
.
Some analysts believe that the manufacturing PMI in May did not show a further decline, confirming that the decline in the manufacturing PMI in April was only a fall of the previous high level, and the PMI has remained above the boom and bust line for 10 consecutive months, indicating that the trend of economic growth is further clear
.

In terms of the market, the copper supplement fell by nearly 400 yuan after returning from Shanghai after the holiday, and some imported copper was cleared and stored during the holiday, coupled with the last trading day at the end of the month, subject to financial pressure, there were many quotations and shipments, the discount quotation gradually expanded, the downstream consumption was less interested, the willingness to replenish the stock was weak, speculative trade buying was also subject to the month-end settlement factor performance was cautious, and the overall market during the day fully showed the characteristics
of the end of the month 。 In the afternoon, the financial affairs of various enterprises entered the settlement state, and the holders were still quoting, but the discount has been slightly narrowed to the price platform in the morning due to another 300 yuan / ton decline in the market, flat water copper report discount 80 yuan / ton - discount 50 yuan / ton, premium copper report discount 50 yuan / ton - discount 30 yuan / ton, the transaction price is reduced to 45200 yuan / ton - 45540 yuan / ton
.
It is expected that after the month cross, the holders still want to collect the discount first, and determine the trend of the discount according to the size of the supply pressure
.

Overall, the global macroeconomic recovery is relatively moderate, but the recent gathering of macro events, the increase in risk aversion, the tightening of funds and the joint supervision of the financial industry will still put pressure on the copper market, and the supporting effect of terminal consumption on copper prices will gradually weaken at the end of the consumption season, and maintain a bearish idea
in the medium term.