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Overnight, the main 1808 night session of Shanghai copper was driven by the external disk, opening 53690 yuan / ton high, rising rapidly at the beginning of the session, and then high to 54080 yuan / ton, closing at 53920 yuan / ton, up 210 yuan / ton, and the warehouse increased by 4274 to 219,000 lots
.
, the Shanghai index increased its position by 4,216 to 753,000 lots
.
In terms of news, as a leading indicator of the economy, China's manufacturing PMI was 51.
9% in May, 0.
5 percentage points
higher than the previous month.
From the perspective of classification indicators, the new orders index was 53.
8%, 0.
9 percentage points higher than the previous month; the raw material inventory index was 49.
6%, higher than the previous month by 0.
1 percentage points, although it is still below the critical point, but the decline in raw material inventory has narrowed
.
The sharp recovery in the new orders index and the narrowing of the decline in raw material inventories have had a certain support effect on copper prices
.
In the market, affected by tight funds, weaker demand and rising copper prices, the operating rate in June is expected to be 78.
61%.
Moreover, with the recent sharp rise in copper prices, the downstream fear of heights is gradually rising, the upward speed of spot is slower than that of futures, and the spot discount has an expansion trend, which may form a certain drag
on the futures price.
Overall, in the context of last year's high base, it is difficult to have bright
spots in this year's consumption off-season.
