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Last week, after London copper rushed to a high of 6461.
5 US dollars / ton at the beginning of the week, guided by the US dollar, copper prices plummeted to 6150 US dollars / ton, to a new low in nearly three months, and the bears actively increased their positions during the week, and the overall trend of copper prices was weak, with the largest decline of more than 3%
during the week.
Last week, mainly affected by the good US employment data, bears crowded the market, and copper prices performed lower
.
Following last week's May Day holiday, the LME market is closed today, Shanghai copper is expected to be guided by last week's sharp decline in the external market, and Sino-US trade sentiment is tense again, and the center of gravity is expected to drop to near
the Bollinger mid-band.
Due to the consideration of the cost of holding positions during the holidays, and the decline in the price of the market, the spot quotation will rise significantly, and it is recommended that the downstream can be properly replenished
at a low level.
It is expected that today's Shanghai copper 48200-48700 yuan / ton, spot flat water - premium 100 yuan / ton
.
Today's Shanghai electrolytic copper spot contract reported a premium of 30 ~ 140 yuan / ton, flat water copper trading price of 47920 yuan / ton ~ 48020 yuan / ton, premium copper trading price of 48000 yuan / ton ~ 48120 yuan / ton
.
During the May Day holiday, London copper leaked straight down to $6,150, a new low in nearly three months, and copper fell in Shanghai today, down more than 800 yuan / ton
from before the holiday.
After returning from the holiday, on the first trading day of May, the holders still tried to raise the price, and the price was quoted at the beginning of the session at a premium of 50 yuan / ton ~ 150 yuan / ton, but the response was weak and the buying was weak, the holder gave up the price and lowered the quotation shipment, good copper took the lead to drop to the premium 120 ~ 130 yuan / ton line, flat water copper fell to about 40 yuan / ton, the transaction still did not improve
.
On the first trading day after the holiday, the macro bearish and weak demand made copper prices in a downward channel, there was no signal to stop the decline, the market was still in the control of bears, the premium of spot high and low went further to make the market buy in a lack of confidence, futures in recent months again showed no spread space, but also made speculators at a loss, today's market performance is weak, but the cost of holding goods of holders is temporarily difficult to make spot return to the pre-holiday discount state
.
