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Overnight, the main force of Shanghai copper changed to 1908 contract
.
The evening opened at 46230 yuan / ton, the opening was low, and then the bulls began to actively enter the market, the center of gravity of copper prices moved slightly up to the daily average of 46340 yuan / ton, and then due to the impact of the external market, copper prices rose rapidly, bulls' confidence strengthened, copper prices at the end of the session after testing 46640 yuan / ton, the center of gravity maintained a stable high shock, and then closed at 46570 yuan / ton, up 0.
67%
overnight.
At present, copper prices have risen to last Wednesday's high, but there is still pressure above the $5880 / ton position, and the copper market fundamentals have insufficient impulse to drive copper prices to continue to rise, so wait for the macro environment to improve and drive copper prices to continue to rush up to the key level
.
Spot has seen imported copper inflows yesterday, so in the case of abundant market supply, yesterday's holders have shown signs of relaxation, quotations have been significantly lowered, today's plate prices have risen sharply, high prices will suppress market trading sentiment, so it is expected that quotations are expected to continue to decline
.
It is expected that today's Shanghai copper 46300-46800 yuan / ton, spot premium 80-150 yuan / ton
.
China's auto sales in May recorded the largest monthly decline in history, with sales of 1.
913 million units, down 16.
4% y/y.
Spot copper prices are expected to fall
slightly today as the Industrial Producer Price Index (PPI) year-on-year increase eased in May, as weak manufacturing activity hit demand, according to the Bureau of Statistics.
