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Copper market review, last Friday, London copper opened at 4930.
5 US dollars / ton, the Asian session by crude oil, black strengthened, the dollar fell encouraged by the rise, London copper shock up, and then a slight correction after a slight correction; During the European session, London copper resumed its rally, breaking through $5,000 / ton all the way, recovering the decline of the whole week, fluctuating at a high level at night, the trend was strong, the highest was 5073.
5 US dollars / ton, and fell slightly at the end of the day, and finally closed at 5035.
5 US dollars / ton, up 103.
5 US dollars / ton
from the previous day's closing price.
In terms of the market, on April 29, Shanghai electrolytic copper spot reported a discount of 140-100 yuan / ton, and the transaction price of flat water copper was 37230-37450 yuan / ton
.
After the rise in copper prices in the morning, copper trading began to be active, and traders and downstream favored low-priced sources, especially wet copper
.
After the rise in copper prices, although good copper has the willingness to sell, it is difficult to expand
the discount because the flat water copper discount is strong.
On the last trading day before Labor Day, due to objective factors such as settlement and logistics, the purchase volume decreased
significantly compared with yesterday.
In terms of industry, as of April 26 this year, the US copper CFTC speculative long and short decreased by 1044 lots, decreased 17484 lots, and net short 8076 lots, and the net space decreased by 16440 lots from last week, which was the fourth consecutive week of net short, indicating that short-term speculative funds have declined
in their enthusiasm for shorting copper prices.
Overall, the London copper oscillation rose during the holiday, and the Shanghai copper 1607 contract is expected to open higher to around 37850 yuan after the holiday, as the US dollar index fell under pressure
.
And China's official manufacturing PMI stabilized above
50 in April.
In addition, the copper market maintains a positive arrangement of near low and far high, and the short-term copper price rebound pattern remains
.
