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Today's Shanghai copper main contract jumped high after 1706 festival, trading at 47100-46690 yuan ton, and closing at 46790 yuan / ton at the end of the day, up 0.
99%
per day.
Today's copper price has initially shaken off the three-week low oscillation, indicating that the bulls are now dominant, and it also means that the willingness of copper prices to fall has weakened
.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1705 contract and the 1706 contract widened to 80 yuan / ton
.
Externally: after today's London copper gap high, around 5780 US dollars / ton around narrow fluctuations, of which 3 months London copper rose 0.
8% to 5781 US dollars / ton, the current London copper is still trading at the intersection of moving averages, and from this round of pullback low of 5530 US dollars / ton back 4.
54%, the upper rebound resistance focus on 5900 US dollars / ton
.
In terms of positions, on April 27, the position of London copper was 330,000 lots, a daily decrease of 1,726 lots, a cumulative decrease of nearly 16,000 lots in the past week, during which copper prices oscillated slightly, indicating that bears actively took profits on
dips.
On the macro front: The Asian dollar index traded around 99.
15, near the low set on November 11, 2016
.
China's Caixin manufacturing PMI came in at 50.
3 in April, a seven-month low compared to 51 expected vs.
51.
2 in the previous month, combined with the official manufacturing PMI falling back to 51.
2 month-on-month in April, indicating a slowdown
in China's manufacturing expansion in the short term.
Market: On May 2, Shanghai electrolytic copper spot contracts reported flat water - premium water 30 yuan / ton, flat water copper trading price 46720-46880 yuan / ton
.
In the early stage of the festival, copper value preservation plate was trapped, holders pushed up the current copper premium to make up for the loss of the plate, after the high cash exchange, the market copper supply pressure increased, the brand was diversified, speculators bought the cash selling period, but because the overall market is in a wait-and-see state after the copper price rebound, the consumption enthusiasm is general, the current copper premium has signs of gradual decline, the downstream demand is the mainstay, and the oversupply pattern is obvious
.
Industry: Chile's copper production in March was 378261 tons, down 23.
1% year-on-year, close to February's 376948 tons, resulting in copper production of 1.
208 million tons in the first quarter of this year, down 14.
3% year-on-year, as a strike at the Escondida copper mine owned by BHP Billiton, Chile's world's largest copper mine, which held an unprecedented 44-day general strike in February and March that completely halted its open-pit production.
It was the longest strike
in Chile's mining industry in more than four decades.
The Shanghai copper 1706 contract rebounded strongly to 46,790 yuan / ton, partly boosted by the threat of strike by Macmillan copper and gold workers in the US Freeport, but China's poor manufacturing PMI performance in April cut some of the intraday gains in copper prices, and short-term operations still need to be cautious
.
It is recommended that the Shanghai copper 1706 contract can be backed above 46200 yuan to bargain long, the entry reference is 46600 yuan, and the target is 47500 yuan
.
