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Today's Shanghai copper main contract 1707 oscillated around 45800 yuan, closing at 45780 yuan / ton, down 0.
37% on a daily basis, intraday trading at 46160-45510 yuan / ton, Shanghai copper is still running at the intersection of moving averages, showing that long and short trading is repeated, short-term operation is relatively oscillating
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1706 contract and the 1707 contract remained at 50 yuan / ton
.
Externally: Asian Lun copper fell under pressure, of which the 3-month London copper operating range was 5713-5635 US dollars / ton, now down more than 0.
98% to 5666 US dollars / ton, and its upper rebound resistance focuses on M60, that is, 5751 US dollars / ton
.
In terms of positions, as of May 22, the position of London copper was 322,000 lots, an increase of 2,350 lots per day, and copper prices have recovered in the past week, indicating that short orders are actively profiting from the dip, and the sentiment of the copper market is still relatively sluggish
.
Macro: The U.
S.
dollar index rebounded overnight, but gains were limited, trading around 97.
3 this morning, near a more than six-month low
.
In addition, the preliminary Markit manufacturing PMI in the United States in May was 52.
5, worse than the expected 53, while the preliminary Markit manufacturing PMI in the euro area in May was 57, a 73-month high, indicating that the Eurozone manufacturing industry continues to expand and expand faster than the United States
.
In the copper sector, Chile's National Copper Council expects copper prices of $2.
6/lb this year, operating in a range of $2.
75-2.
50/lb, up slightly from $2.
22/lb
surveyed in October.
Market: On May 24, Shanghai electrolytic copper spot traded at a discount of 70 yuan / ton - 20 yuan / ton for the monthly contract, the transaction price of flat water copper was 45650-45850 yuan / ton, and the trading price of premium copper was 45660-45880 yuan / ton
。 Holders because of the downstream pre-holiday stocking, unwilling to do too much price adjustment, the current copper premium to maintain stability, basically the same as yesterday's level, but the price difference between the premium copper next month's notes and the current month's notes is more obvious than that of flat water copper, the source of tickets is becoming more and more rare, reporting a discount of 20 yuan / ton, next month's bill source reporting a discount of 60 yuan / ton, middlemen lack trading space, unwilling to pass multiple positions before the holiday, and coupled with the current copper discount has not reached its psychological price, the operation is mostly short and fast, and the downstream pre-holiday continues to stock up on demand, especially when the copper price falls back to buy goods slightly increased, the transaction is acceptable , the following travel as a market dominance
in the near future.
The Shanghai copper 1707 contract was weakly sorted out to 45780 yuan / ton during the day, which is a normal technical pullback, and the short-term rebound pattern remains, while the US dollar index continues to decline, still giving copper price support, but China's refined copper import demand fell in April, limiting the height
of copper price rebound.
It is recommended that the Shanghai copper 1707 contract can be sold high and low between 45500-46300 yuan, and the stop loss is 500 yuan / ton
each.
