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June 1 Shanghai copper morning review

 Last Update: 2022-12-10
 Source: Internet
 Author: User

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The main 1807 contract of Shanghai copper opened at 51230 yuan / ton overnight, and fell slightly at the beginning of the session to test 51020 yuan / ton
.
Subsequently, the bears continued to leave the market, pushing copper prices up and crossing the daily moving average, touching 51570 yuan / ton before the rally ended
.
After running along the 51405 yuan / ton first-line shock, the bulls left the market at the end of the day, fell slightly, closed at 51360 yuan / ton, up 130 yuan / ton, and the warehouse decreased by 4646 hands to 170,000 lots
.

Shanghai copper

In terms of news, China's manufacturing industry grew at the fastest pace in eight months in May, far exceeding expectations, easing market concerns about China's economic slowdown, and economic data to boost the base metals market; The closure of India's largest copper smelter, the Brazilian strike in the American market and the Chilean copper mine negotiations have all disrupted the supply side of the copper market, while the short-term domestic demand side performance has not yet weakened, and copper is expected to rise
slightly today.

Overnight, the main 1807 contract of Shanghai copper opened low and went high, and it is currently trapped between the moving averages, and there is a certain pressure
on the 51500 yuan / ton line.
It is expected that the main force of Shanghai copper is 51250~51750 yuan / ton
.
The stalemate pattern in spot may continue, and the sentiment of holders to support prices shows no signs of abating, and it is expected that today's discount of 40 yuan ~ premium 20 yuan / ton
.

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