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On Wednesday, the main contract of Shanghai copper 1806 opened high and low, basically giving up intraday gains, intraday trading at 52080-51490 yuan / ton, the end of the day closed down to 51550 yuan / ton, basically unchanged from the previous day, copper prices are still running at the intersection of the main moving averages, showing long and short trading cautious
.
In terms of term structure, the positive price difference between the Shanghai copper 1806 contract and the 1807 contract was flat to 180 yuan / ton
.
In the external market, Asia City London copper around 6985 US dollars / ton around a narrow range, of which the 3-month LME copper reported 6981 US dollars / ton, down 0.
02% on the day, copper prices rebounded to around M60, the trend has oscillated
.
In terms of positions, on April 23, the position of London copper was 308,000, a daily decrease of 3,488 lots, and this week's London copper position increased and decreased, showing that long and short trading was repeated
.
In terms of the market, on April 25, Shanghai electrolytic copper spot traded at 260-310 yuan / ton for the monthly contract, and the transaction price of flat water copper was 51680-51800 yuan / ton
.
Morning market holders quotation positive, market quotation premium 280-320 yuan / ton, buying inquiry is very rare, holders are forced to lower the quotation premium 270-300 yuan / ton, the second trading session, holders have no choice but to lower the quotation flat water copper premium 260 yuan, good copper quotation premium 290 yuan / ton, the receiving volume is still hesitant delay, wet copper willingness to receive goods is low, maintain the previous day's quotation
.
Downstream market buying is sluggish, traders receive goods is based on the demand for April invoices, on the 25th, this month's long-term transaction will basically come to an end, so these days of shipments are very active, at the end of the month supply and demand is more likely to fall into a standoff
.
On the macro front, the Asian dollar index oscillated and rebounded, now trading around 91, and recently continued to rebound
as the yield of U.
S.
Treasury bonds rose further, attracting investors to actively buy the dollar.
Intraday market data is light, and this week focuses on the progress of future Sino-US trade negotiations
.
On the industry front, Chilean miner Antofagasta reported that its copper production in the first quarter fell 10.
5% from a year ago to 153,800 tonnes, due to lower ore grades, but maintained its full-year production target of 705,000-740,000 tonnes
.
During the day, the Shanghai copper 1806 contract opened high and low to 51550 yuan / ton, still running at the intersection of moving averages, showing that short-term long and short trading is cautious, there is no clear direction of operation, and the market continues to pay attention to the progress of
trade frictions between China and the United States, the United States and Russia.
In operation, it is recommended that the Shanghai copper 1806 contract can be sold high and low between 51300-52000 yuan / ton, and the stop loss is 400 yuan / ton
each.
