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The Shanghai copper 1605 contract oscillated overnight to 37,880 yuan / ton, as US consumer spending and sluggish inflation weighed on the Fed's interest rate hike expectations, and the dollar index fell
under pressure.
Therefore, the former copper market showed a weak internal and external strength, and the resumption of trading in the LME market may give Shanghai copper a boost
.
Today's LME market will resume trading, and London copper bottomed out to $4958.
5/mt 3 months before the break, up 1.
47% from the intraday low of $4886/ton, indicating strong technical support
at $4900/ton below.
In terms of market: the basis of intraday Shanghai copper narrowed to less than 100 yuan, and holders continued to raise prices, and had no intention of expanding the discount
.
Pingshui copper trading is relatively active, and the discount is stable compared with last Friday, so the expansion of copper discount is limited
.
Downstream on-demand pick-up, traders are cautious, and the overall market transaction reproduces Monday's characteristics
.
Stocks: LME copper stocks reported 151375 tonnes as of March 24, a slight increase of 700 tonnes from yesterday and a new low since October 14, 2014 (149,650 tonnes); However, as of March 25, the previous Shanghai copper inventory was reported at 385899 tons, down 8,878 tons from the previous week's record high of 394777 tons, and the overall domestic supply pressure is still large
.
Industry information: China's output of ten non-ferrous metals in January-February this year was 7.
61 million tons, down 4.
3% year-on-year, and up 6.
8% in the same period last year, of which copper production in January-February was 1.
28 million tons, an increase of 7.
3%, and the growth rate fell 8.
4%
year-on-year.
