May 8 copper market morning review

On Thursday, the main force of Shanghai copper opened at 42730 yuan / ton in the morning, and after the opening, the market rose slightly to 42820 yuan / ton, and then the bears entered the market one after another to superimpose long positions to reduce positions, and copper prices fluctuated down to the lowest point of the day at 42670 yuan / ton
.
At this time, the short-term bargain exit drove copper prices to rebound, recovering all the losses in the day, and once again tested 42820 yuan / ton
.
Before the midday close, copper prices fell slightly to close at 42,760 yuan / ton
.
At the beginning of the afternoon, continuous short positions reduction operations pushed copper prices
higher.
Near the end of the day, copper prices quickly rose above the 43,000 yuan / ton mark, and finally closed at 43,110 yuan / ton, up 550 yuan / ton, or 1.
29%.

China's import and export data in April came out, the April trade balance far exceeded expectations, and exports unexpectedly increased
sharply.
The General Administration of Customs announced in the afternoon that China's imports of unwrought copper and copper products in April were 461,500 tons, and the imports of copper ore and its concentrate in April were 2.
029 million tons, both month-on-month and year-on-year
.
The above-expected import and export data strengthened the market's optimistic expectations for the continued improvement of China's economy, and the continuous recovery of copper demand supported the upward
trend of copper prices in the context of the tight copper supply situation.

The overall macro atmosphere is also optimistic, providing some momentum for copper prices
.
Shanghai copper closed positive during the day, has broken through the 60 moving average upward, and the KDJ opening continues to expand, the technical picture is positive for copper prices
.
Wait for the guidance of the external market to test whether Shanghai copper can stand firm at the 43,000 yuan / ton mark
.