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Overnight, affected by the decline in the European session of the external market, the Shanghai copper 1708 contract opened lower than 44980 yuan / ton
.
After the open, the US non-farm payrolls data was significantly less than expected, boosting the bullish sentiment in the bulk market, Shanghai copper rose sharply to touch the five-day moving average, but did not form an effective breakthrough, the evening high recorded 45490 yuan / ton, closed at 45470 yuan / ton, up 60 yuan / ton, and the position increased 3298 lots to 208748 lots
.
On the macro front, the official PMI was 51.
2 in May, but Caixin China's manufacturing PMI fell below the boom and bust line, while from January to April 2017, the total profit of industrial enterprises above designated size in the country fell from the previous value, and the growth rate of corporate profits declined
.
Overall, there is still downward pressure
on the economy.
In terms of the market, as of 2017-6-2, the spot price of Shanghai Metal 1# copper is 45285 yuan / ton, down 5 yuan / ton from the previous day, and the discount of 35 yuan / ton compared with the recent month contract, the holiday return due to the customs clearance of some imported copper, coupled with the end of the month subject to financial pressure, quotation shipments are mostly exchanged, downstream consumption is light, quotation is low discount, after entering June, the willingness of holders to hold prices is enhanced, the discount is slightly narrowed, the downstream needs to enter the market, and wait for the next week to officially enter the market to receive goods
.
Overnight Shanghai copper opened low and high, the upper 5-day moving average resistance is large, it is expected that today's Shanghai copper running at 45100~45500 yuan / ton
.
Pay attention to China's May Caixin composite PMI data
.
