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The LME is closed today due to a bank holiday
.
The main force of Shanghai copper opened higher at 43200 yuan / ton in the morning, and after the opening of the bulls, the entry of bulls pushed the copper price up by about 140 yuan / ton, and then moved sideways around the position of 43330 yuan / ton
.
Before noon, copper prices slowly climbed to 43470 yuan / ton, then fell slightly back 50 yuan / ton, closing at 43420 yuan / ton
.
At the opening of the afternoon, Shanghai copper extended its rally to the highest point of the day at 43,610 yuan / ton
.
Near the end of the day, copper prices fell slightly and finally closed at 43510 yuan / ton, up 720 yuan / ton, or 1.
68%.
The fundamentals have not changed much, the mine end continues to be tight, TC has decreased slightly, smelter production restrictions are basically determined, domestic and foreign inventories have fallen sharply, this week the bonded zone inventory remains unchanged, imports maintain losses, Yangshan copper premium increases, scrap copper supply continues to be tight, prices rise
.
Yesterday's copper-related import data released by the General Administration of Customs showed that China's copper production has further recovered, and today's social inventories in the three places have continued to decline, indicating that domestic copper consumption is optimistic
.
On the supply side, Chile's copper production rose 4.
2% year-on-year in March, and Codelco, the world's largest copper miner, rose 14.
8% year-on-year to 147,600 mt
in March.
Peruvian copper mines are also expected to reopen
.
Concerns about tight copper supply have eased, limiting copper price growth
.
At present, Shanghai copper is closing in the sun, and the 60-day moving average has also turned from pressure level to support level
.
The technical perspective is positive for copper prices
.
Pay attention to the change in non-farm payrolls in the United States in April and the unemployment rate in April to test whether Shanghai copper can continue to rise
.
