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On Friday, the outer copper market rose strongly, with 3-month London copper rising 1.
87% to $4683/ton, and the daily closing price hit a one-week high
.
In terms of positions, on June 2, the position of London copper was 338,000 lots, an increase of 2,628 lots from the 1st, which was an increase for two consecutive days, indicating that after London copper fell below 4,600 US dollars / ton, the long-short divergence increased, and the willingness of copper prices to fall weakened
.
In terms of market: on June 3, Shanghai electrolytic copper spot reported a premium of 90-140 yuan / ton, and a flat water copper trading price of 35550-35620 yuan / ton
.
Some large holders led the current copper premium to be significantly higher at the open, and the good copper reported a premium of 140-150 yuan / ton
.
A large number of holders shipped at a high level, and the market inquiry was active, but it was difficult to transact the high premium, so the premium gradually declined
.
After 11 o'clock, the supply was further amplified, and the flat water copper that was originally tight and expensive poured out
.
Before the weekend, there was no downstream large number of goods, and the market showed a pattern
of more inquiries and fewer transactions.
Stocks: LME copper stocks reported 153675 tonnes as of June 3, down 75 tonnes or 0.
05% weekly, a four-week decline and falling back to the level of a month ago; In the same period, the Shanghai copper inventory in the previous period reported 210995 tons, a sharp weekly decrease of 10,217 tons, the eleventh consecutive week of reduction, and the decline further expanded, close to the low point set on January 22 this year, with a cumulative decrease of 183782 tons or 46.
55%.
Last Friday's night market Shanghai copper main oscillation rose, still running between the main moving average group, but due to the US non-farm payrolls data far worse than expected, the Fed June interest rate hike or delay, the dollar index under pressure and decline, short-term copper prices or stop falling and stabilize
.
It is recommended that the Shanghai copper 1608 contract can be backed above 35,300 yuan to bargain long, the entry reference is around 35,700 yuan, and the target is 36,500 yuan
.
