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Overnight, London copper opened at $5691/ton
.
During the Asian session, China's May Caixin manufacturing PMI was 49.
6, the first time in 11 months that it fell below the boom and bust line, causing concerns about China's industrial prospects, bulls closed their positions, copper prices extended the daily moving average to fluctuate lower, and continued to fall under pressure to a daily low of $5651 / ton after the 40-day moving average briefly gained support, with most of the European and American economic data in the evening, the United States ADP employment increased sharply more than expected, base metals market sentiment was also slightly boosted, London copper stopped falling and recovered to repair the intraday decline, The high recorded 5720.
5 US dollars / ton, closing at 5702.
5 US dollars / ton, up 9.
5 US dollars / ton, the trading volume decreased by 1441 lots to 15296 lots, and the position decreased by 1567 lots to 330024 lots
.
In terms of the market, as of June 1, the spot price of London copper was $5,661/ton, a discount of $24.
25/ton over the March contract; London copper stocks were 308,000 tons, down 3,150 tons from the previous day; copper stocks in the previous period were 60,800 tons, down 923 tons from the previous day; measured by the closing price of Shanghai copper, the actual ratio of Shanghai copper 3 contract to London copper March contract was 7.
99 (import ratio was 8.
08), and the import loss was 311 yuan / ton (excluding financing income).
Overnight London copper continued to rise first, the Asian session is subject to China's weak manufacturing data and capital pressure, European and American session economic data boosted by short positions to hedge, no important economic data during the day, it is expected that the Asian session London copper will continue to weaken, the operating range of 5650 ~ 5695 US dollars / ton, pay attention to the evening US May non-farm data
.
