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On Monday, the two markets opened low and went low, with the black futures rising sharply and the colored sector zinc leading the rise
.
After the opening of the main 1707 contract of Shanghai copper, it was sideways around 45,900 yuan / ton, and near the close of early trading, a wave of short and long profit outflow, the center of gravity fell back to around
45,750 yuan / ton.
Near the close, copper market bears also showed their willingness to leave the market, and the main force of Shanghai copper was able to return to running near the daily moving average, and finally closed at 45800 yuan / ton, up 670 yuan / ton
.
Above the copper market, LME inventories fell by 3,700 tonnes to 337,000 tonnes on Friday, with LME spot discounts narrowing by $1.
25 to $
16.
75.
The average domestic spot price discount expanded by 5 yuan to 90-30 during the day, and the capital situation began to gradually dominate the market mentality, and the market expected that there was a demand
for stock downstream due to the Dragon Boat Festival.
In the surrounding market, the rebound of crude oil drove the overall commodity back to strength, and in the non-ferrous sector, the trading volume of more than one million lots of Shanghai zinc was favored by funds
.
Shanghai copper energy is still weak, and the resistance level at 46,000 yuan / ton above the 40-day moving average after standing on the 20-day moving average is more significant
.
Night trading or maintain the moving average range of 45500-46000 yuan / ton
.
Whether the 20-day moving average will actually break through remains to be seen
.
On the industrial front, Freeport's Grasberg copper miners in Indonesia plan to continue their strike after May 30 to protest layoffs, and a new strike statement may be issued today, and it is unclear how long the strike will last
.
Data released by the Statistics Committee of Kazakhstan showed that Kazakhstan's refined copper production increased by 5.
6%
from January to April.
