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Last Friday night, the Shanghai copper 1607 contract opened high at 35480 yuan / ton, after the opening slightly rose to 35570 yuan / ton that is, turned and dived, low 35050 yuan / ton, the end of the fall to stabilize, and finally Shanghai copper closed at 35060 yuan / ton, down 140 yuan / ton
.
On Friday night, Shanghai copper opened high and low, and bears increased their positions sharply to suppress copper prices, and Shanghai copper is expected to operate
within 34900 yuan / ton to 35300 yuan / ton today.
Market: On May 20, Shanghai electrolytic copper spot reported a premium of 30-80 yuan / ton, and the transaction price of flat water copper was 35280-35380 yuan / ton
.
Holders continued to rise in the morning, but with the inflow of some deliveries, the source of goods increased and the brand increased, and then the holders began to increase shipments, but because traders still need to do inventory, so that supply and demand are deadlocked, it is expected that the space for copper premium has been limited
.
Inventories: As of May 20, the previous Shanghai copper inventory reported 257334 tons, a weekly decrease of 28,876 tons, close to the low set on February 5 this year, after the inventory fell for nine consecutive weeks, with a cumulative decrease of 137443 tons or 34.
8%.
Summary, last Friday's night market Shanghai copper rushed back down to 35,090 yuan / ton, weighed down by the pressure of ferrous metals, as the market is more worried about Chinese demand, while the US dollar index remains relatively strong
.
It is recommended that the Shanghai copper 1607 contract is backed by 35600 yuan below the sky, and the entry reference is around 35200 yuan, and the target is 34500 yuan
.
