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Today, the copper market fluctuated and sorted, Shanghai copper main force 1707 contract opened at 44990 yuan / ton, long and short competition in the morning session, Shanghai copper around 44937 yuan / ton line repeated consolidation test, afternoon with the fall of A shares, Shanghai copper slightly fell back to 44730 yuan / ton, the end of the day tried to counterdraw, by the resistance of the 5-day moving average fell back, at 44860 yuan / ton closed at the crosshair, up 160 yuan / ton, increased positions by 2090 hands to 197,000 lots, the volume increased by 4,788 hands to 184,000
。 The Shanghai Copper Index fell by 4,304 lots to 597612 lots
.
Today's Shanghai copper is weak and volatile, today China announced that April CPI was 1.
2% year-on-year, PPI fell for the first time in 10 months, coupled with the continued tightness of funds, shibor interest rates rose across the board, the market was bearish atmosphere, short-term bearish factors dominated, pay attention to the support
near the lower rail.
In terms of the industry, according to the recent monthly report released by the International Copper Research Group (ICSG), the global refined copper supply was 51,000 tons in January 2017, compared with 44,000 tons
in the same period last year.
Chile produced 378,000 tonnes of copper in March, down 23.
1% from a year earlier, according to data released by the Chilean government, as production fell
due to the world's largest copper mine strike earlier.
In terms of copper inventories, LME inventories have declined in recent days after a recent surge in stocks, while comex inventories have continued to decline
.