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On Wednesday, the main force of Shanghai copper jumped low at 42,850 yuan / ton in the morning, and was suppressed by bears to the lowest point of the day at 42,680 yuan / ton
after the opening.
At this time, bulls entered the market one after another, driving copper prices to rebound by more than 200 yuan / ton, and then fluctuated in the range of 42800-42940 yuan / ton, closing at 42900 yuan / ton
at midday.
At the beginning of the afternoon, the short flat pulled copper prices up, up to 43120 yuan / ton
.
Near the end of the day, copper prices fell slightly to close at 43060 yuan / ton, down 220 yuan / ton, down 0.
51%.
At the macro level, the final value of the Eurozone manufacturing PMI recorded 33.
6 in April, a new low in 134 months, down 11.
1 percentage points
from the previous value.
The final value of the UK manufacturing PMI for April was 32.
6 vs 47.
8 previously, while the final value of the ISM manufacturing PMI in the United States for April was 41.
5, down 7.
6 percentage points
from the previous month.
Affected by the continuous impact of the global spread of the epidemic, the manufacturing PMI of major European and American countries continued to fall, and the service PMI was more impacted, the preliminary service PMI in the euro area in April was 11.
7, a record low (since July 1998), and the preliminary value of the Markit service PMI in the United States in April was 27, a record low
.
China's manufacturing PMI recorded 50.
8 in April, down 1.
2 percentage points month-on-month, and large and medium-sized enterprises recovered well with the further promotion of resuming work and production, but China's Caixin manufacturing PMI fell back to 49.
4 in April, lower than expected
.
The serious decline in export orders and the lack of confidence of small and medium-sized enterprises have restricted the further recovery
of China's economy.
As major European and American countries cross the inflection point of the epidemic, the call for reopening the economy is strong, but the degree of recovery may be difficult to meet expectations, the US job market is facing great challenges, the non-farm payrolls fell by 20.
5 million in April, and the hidden worries of trade issues between China and the United States still exist, and there is greater pressure
on high copper prices at the macro level.
From an industrial perspective, copper concentrate processing fees have fallen to $54.
21/mt as of May 8, down $1.
04/mt
from last week.
With the gradual liberalization of logistics in Peru and other countries, the source of ship futures in June and July in the spot market has begun to increase, and there have been sporadic transactions this week, and it is expected that the activity of the spot market will continue to increase
.
Copper prices rebounded all the way to above 43,000 yuan / ton, the price hit a new recent high, mainly because the fundamentals gave copper prices upward momentum, and the macro aspect was to continue to pressure copper prices
.
