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On Monday, domestic commodity futures continued their strong rebound momentum, with all colored futures rising
across the board.
The main 1805 month contract of Shanghai copper opened in the morning and then pulled, after falling to a low of 50,080 yuan in the session, copper prices rebounded again in the afternoon to approach the high of the day, closing at 50,390 yuan, up 390 yuan, or 0.
78%.
Index holdings decreased by 7,198 contracts to 867,000
.
In terms of external trading, the LME March copper Monday is closed for Easter
.
Recently, the risk appetite of the financial market focuses on the possibility of a Sino-US trade war, and the latest decision of the Tariff Commission of the State Council is that from April 2, 2018, the tariff reduction obligation will be suspended for 128 imported goods in 7 categories originating in the United States, and tariffs will be imposed on the basis of the current applicable tariff rates, with a tariff rate of 15% for 120 imported goods such as fruits and products, and a tariff rate of 25%
for 8 imported goods such as pork and products.
The current bonded and reduced tax policies remain unchanged
.
In the case of nonferrous metals, China's tariff countermeasures will result in a 25% tariff
on imports of aluminum scrap from the United States.
In terms of hot spots, with the opening of the window for the introduction of central policies and the arrival of the traditional peak season of industrial products in the second quarter, pay attention to the dynamic impact of industrial policies, in addition to the judgment of the overall maintenance of short-term shock recovery of non-ferrous metals, the mid-term recommendation to gradually build more attention to rebound opportunities
.
In the copper market, it is reported that workers at the Radomiro Tomic mine of Codelco Copper Company refused to accept the salary plan
.
The LME three-month copper market
is closed.
Shanghai spot copper quotation at 50100-50200 yuan / ton, up 360 yuan / ton, discount 120 yuan / ton - discount 50 yuan / ton
.
There are transactions near the market good copper discount of 70 yuan / ton, flat water copper discount 120 yuan / ton, individual holders reported Mexican wet copper discount 200 yuan / ton, morning good copper receipt is more active discount narrowing
.
Stocks: As of March 28, LME copper stocks were reported at 383075 tonnes, down 5,100 tonnes from the previous day; As of March 29, COMEX copper stocks were reported 233927 short tons, down 349 short tons from the previous day; As of Friday, copper stocks in the previous period were 306211 tonnes, down 1,224 tonnes
from the previous week.
In the short term, sentiment will gradually improve, the outlook for metal demand will improve, and prices will mostly rise
.
The domestic April peak season can still be expected, and copper prices are expected to slowly rebound
.
