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On Tuesday, the copper market fluctuated
in a narrow range at recent lows.
Among them, the Shanghai copper 1707 contract closed up 30 yuan on the day, closing at 44730 yuan
.
The total position decreased by 5,814 lots to 602,000 lots
.
The total volume was 428,000 lots
.
On the news front, net long positions in U.
S.
10-year Treasury futures fell earlier this week, coming off more than nine-year
highs, according to data released by the U.
S.
Commodity Futures Trading Commission (CFTC) on Friday.
U.
S.
stocks closed higher on Friday, with the S&P 500 closing at a record high as energy stocks rebounded with oil prices and U.
S.
job growth accelerated
.
The Fed left interest rates unchanged this week but downplayed the impact of weak first-quarter growth, highlighting a strong labor market, signaling it remains on
track to raise rates twice more this year.
The three-month LME copper closed up 0.
8 percent at $
5,585 a tonne.
In terms of the market, Shanghai spot copper quotation at 44980-45280 yuan / ton, down 10 yuan / ton, premium 60 yuan / ton - premium 100 yuan / ton
.
The market spot copper supply is abundant, the space for copper premium to rise is limited, the willingness of holders to raise prices is still obvious, the market inquirer is decreasing, the downstream receiving volume remains stable, and the market transaction is average
.
