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Today's Shanghai copper narrow range volatility is dominant, near the close slightly lower to close down, as of the end of the day close Shanghai copper main 2107 contract closed at 73690, down 300, or 0.
41%.
On the macro front, the economic data of the United States and Europe in May was good, and the increase in overseas demand after the epidemic became the focus of attention, coupled with the gradual start of domestic Shanghai copper explicit inventory destocking, demand expectations brought about medium and long-term price preferences
.
On the other hand, the Chilean copper strike continued, but the BHP said that it had less impact on copper mining, and the enthusiasm for copper speculation in the market has faded
recently.
Domestic speculation on commodities continues to suppress, and it is expected that short-term copper prices will remain stable and volatile, paying attention to the fluctuation situation within 7.
3-74,000, and the night trading amplitude may exceed the day
.
In terms of operation, the cargo merchant is mainly fast forward and fast out, and the downstream just needs to prepare goods
.
On the supply and demand side, copper mine supply is tight in the short term, not only because of the epidemic raging in South America, but also BHP Billiton's Spence and Escondida mines are on strike, which may last for about a week
.
On the demand side, copper prices have fallen to 72,000 yuan per ton and have shown a certain willingness to resume work and production, and midstream and downstream enterprises also hope that the backlog of orders in April and May can be appropriately eased
in June.
