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On Monday, the main contract of Shanghai copper opened low and high, but the increase was limited, the operating range was 51430-51130 yuan / ton, and the end of the day closed at 51340 yuan / ton, down 0.
17% from the previous trading day's closing price, which has not fully made up for the gap that appeared after the holiday, indicating that the upper selling pressure is heavier
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near, low and far high, and the positive price difference between Shanghai copper 1806 contract and 1807 contract was flat to 170 yuan / ton
.
In terms of external trading, the LME market was closed, and the three-month LME copper reported 6845 US dollars / ton on Friday, down 0.
29% per day, and copper prices were still stuck in the interweaving of moving averages, and the direction of operation was unknown
.
In terms of positions, on May 3, the position of London copper was 313,000, and the daily position was reduced by 5,349 lots, which was a decrease for two consecutive days, indicating that funds continued to flow out of the copper market and market sentiment was sluggish
.
In terms of the market, on May 7, Shanghai electrolytic copper spot traded at a discount of 10 yuan / ton - 40 yuan / ton for the monthly contract, and the transaction price of flat water copper was 50830-50900 yuan / ton
。 Shanghai copper every other month basis to maintain stability at about 220 yuan / ton, the holder of the morning market quotation flat water - premium 40 yuan / ton, traders based on the proximity of delivery and the basis of the factors of large factors, interested in good copper, the market was the intention of receiving traders to reduce the price to 20-30 yuan / ton, then flat water copper pressure, flat water difficult to maintain stability, there was a discount of 10 yuan / ton of transactions, wet copper self-discount 60 yuan / ton was reduced to a discount of 80-90 yuan / ton range
。 Intraday downstream more wait-and-see, maintain rigid demand, market trading is still for some traders speculative contribution, although the supply is loose, but quotations still show a certain price sentiment, especially flat water copper is not willing to discount too much, the market still shows a tug-of-war on
Monday.
On the macro front, the Asian U.
S.
dollar index fluctuated in a narrow range around 92.
7, finishing in a high oscillation for the fourth consecutive day, and the market awaited US President Trump's decision
on whether to withdraw from the Iran nuclear deal this Saturday.
In addition, it is necessary to pay attention to China's April trade balance
this week.
In terms of industry, the operating rate of copper rod enterprises in April increased by 12.
16%
year-on-year.
During the day, the Shanghai copper 1807 contract oscillated to 51340 yuan / ton, still not getting rid of the intertwining of moving averages, long and short trading is still cautious, due to the lack of focus in the market, but the recent London copper inventory continued to fall, bringing a partial boost, making copper prices relatively resistant
.
In terms of operation, it is recommended to wait and see for the time being, and the operating range of the Shanghai copper 1806 contract is 50800-51800 yuan / ton
.
