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May 30 copper market morning review

 Last Update: 2022-12-02
 Source: Internet
 Author: User

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On Friday, the Shanghai copper 1607 contract opened high at 36040 yuan / ton, fell directly after the opening, low 35760 yuan / ton, and then stabilized, can stand on the daily moving average, and finally Shanghai copper closed at 35890 yuan / ton, up 10 yuan / ton
.
Last Friday night Shanghai copper weak shock, long position reduction, today copper market is expected to maintain 5-day, 20-day line range volatility, Shanghai copper is expected to run
within 35750 yuan / ton to 36100 yuan / ton.

Copper City

Stocks: As of May 27, LME copper stocks were reported at 153,750 tons, down 1,975 tons or 1.
3% weekly, a three-week decline and falling back to the level of a month ago; During the same period, Shanghai copper stocks in the previous period reported 221212 tons, a sharp weekly decrease of 36,122 tons, the tenth consecutive week of decline, and the decline further expanded, close to the low set on January 29 in the year, a cumulative decrease of 173565 tons or 44%.

Industry information: As of the week of May 24 this year, copper CFTC speculative longs decreased by 7024, short positions increased by 3383 lots, speculative net positions were net short 41053, an increase of 10407 from last week, the seventh consecutive week of net short, indicating that short-term speculative funds maintained a bearish idea on copper prices, and bearish enthusiasm rose
.

Summary of views: The main contract of Shanghai copper in the night market rose slightly to 35890 yuan / ton on Friday, maintaining the technical rebound pattern
achieved last week.
It is recommended that the Shanghai copper 1607 contract can be cautiously long above 35400 yuan, and the target reference is around
36500 yuan / ton.

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