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On Thursday, the Shanghai copper main 1807 month contract fell back after the morning open, and the price rushed to a high of 51480 yuan in the afternoon and fell again, closing at 51380 yuan, up 50 yuan, or 0.
10%.
Index holdings decreased by 22,764 contracts to 708,000
.
In the external market, after the LME copper opened slightly at the opening of March and fell to $6,833, the price fluctuated at the bottom, and the afternoon rebound continued to rush to $6,890, and the Asian market closed at $6,863.
5, up $23.
5, or 0.
34%.
On the macro front, China's manufacturing PMI in May was 51.
9 to the highest since October 2017, higher than the expected 51.
4 and the previous value of 51.
4.
Strong Chinese manufacturing data supported the metals market
.
Abroad, the number of US ADP employment reported in May changed by 178,000 people, expected 190,000, and the annualized quarterly revised value of real GDP in the first quarter was 2.
2%, expected to be 2.
3%, affected by this, the US dollar index fell sharply, and non-ferrous metals have staged a rebound
.
In terms of the market, the spot copper price of Shanghai Nonferrous Metals Trading Center (SME) was reported at 51050-51150 yuan / ton, up 30 yuan / ton from the previous trading day, intraday spot to 1806 contract reported to C80-B20 yuan / ton, copper prices rebounded slightly, holders have a price, good copper rose to premium, but the market is generally wait-and-see, shipments are more difficult, and the overall trading situation is average
.
Overall, the current domestic spot performance is general, the destocking force is weakened, the contradiction between supply and demand is not prominent, will follow macro fluctuations, short-term copper prices will still fluctuate, but in the future, China's macro economy will continue to maintain stable operation will be conducive to the medium and long-term copper price trend
.
From the perspective of futures, Shanghai copper main MACD, KDJ double dead cross, copper price rebound close to the average dense point, short-term or will continue to fluctuate
.
