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Overnight, the copper market fell under pressure, including 3-month London copper closed down 2.
54% to $4907 / ton, sharply cutting the gains recorded last week, and London copper is now falling back to the moving average intertwined operation, the trend is relatively oscillating
.
In terms of the market, on May 3, Shanghai electrolytic copper spot reported a discount of 140-80 yuan / ton, and the transaction price of flat water copper was 37300-37450 yuan / ton
.
Some holders exchanged cash at high prices, and the discount was flat with before the holiday to report a discount of 140 yuan / ton ~ 100 yuan / ton, the source of goods was quickly absorbed and digested, and the rear plate declined, traders were more and more willing to receive goods, and the market supply became tighter
.
Traders agreed that the discount is expected to narrow further after entering May and tend to the premium level, so they increased the buying and selling period
.
In terms of stocks, LME copper stocks reported 154675 tonnes as of May 3, a weekly increase of 5,175 tonnes, still close to the September 3, 2014 level (154825 tonnes); At the same time, as of April 29, the previous Shanghai copper inventory reported 311894 tons, a sharp weekly decrease of 19,795 tons, for six consecutive weeks, a cumulative decrease of 83,083 tons or 21.
05%, back to the level
of early March.
Overall, due to the poor performance of China's manufacturing PMI in April, Shanghai copper fell under pressure overnight, but Shanghai copper is still barely running above M60, and its trend should not be too pessimistic in the short term
.
It is recommended that the Shanghai copper 1607 contract can be cautiously long above 37,000 yuan, and the target is 38,000 yuan
.
