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Today's Shanghai copper main contract 1707 fell under pressure, closing down to 45170 yuan / ton, down 0.
57% on the day, and the intraday operating range was 45570-45030 yuan / ton
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1706 contract and 1707 contract widened to 20 yuan / ton
.
Externally: Asia Lun copper fell under pressure, of which the three-month London copper operating range was 5602-5563 US dollars / ton, now slightly down 0.
45% to 5580 US dollars / ton, the first decline
in four trading days.
In terms of positions, the position of London copper was 337,000 lots, a daily decrease of 2,807 lots, 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 Asian dollar index continued to fall under pressure, falling to around 98.
5, a new low
since November 8 last year.
In addition, the US CPI rose 2.
2% year-on-year in April, lower than the expected 2.
3% and the previous reading of 2.
4%, and the core CPI fell to a new 19-month low year-on-year, indicating that US inflationary pressures have slipped, reducing the Fed's June interest rate hike expectations
.
In the copper industry, it is reported that after years of environmental restrictions, Vedanta Ltd.
was finally approved to double the capacity of its copper plant in southern India
.
Market: On May 16, Shanghai electrolytic copper spot traded at a discount of 50 yuan / ton - flat water - flat water for the current month's contract, the trading price of flat water copper was 45120 yuan / ton - 45220 yuan / ton, and the trading price of premium copper was 45140-45260 yuan / ton
.
Shanghai copper turned up to fall, after the month change, the holder actively exchanged cash, the current copper supply is still abundant, the proportion of low-end wet copper supply has increased, highlighting the financial pressure of importers, middlemen due to long-term order demand into the market Asian price, downstream receipt volume slightly increased, the overall transaction is general
.
The Shanghai copper 1707 contract fell under pressure to 45,170 yuan / ton, partly dragged down by the pressure on Shanghai zinc, while China's poor performance in April key data released yesterday heightened market concerns about China's economic slowdown, while ignoring the decline
in the dollar index.
It is suggested that the Shanghai copper 1707 contract can be backed by 45800 yuan below the sky, the entry reference is around 45400 yuan, and the target is around
44800 yuan.
