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LME copper opened low on Monday, hitting a new low of $5,803.
5 / ton since January 4, and as of 15:20 Beijing time, the 03 contract was at $5,824 / ton, up slightly by 0.
02%.
The main 1907 contract of Shanghai copper continued to be weak, trading at 46390-46060 yuan / ton during the day, and closing at 46130 yuan / ton at the end of the day, down 0.
11% from the closing price of the previous trading day; The trading volume was 117,000 lots, a daily decrease of 66,610 lots, and the position was 225,000 lots, a daily decrease of 12,124 lots
.
The basis narrowed to 55 yuan/ton; The price spread of Shanghai copper in 1907-08 narrowed to -60 yuan / ton
.
The Asian dollar index bottomed out and rebounded, now trading at 97.
697, slightly down 0.
03%, below the 30-day moving average
.
During this period, China's Caixin manufacturing PMI in May was higher than expected, with good domestic and external demand but a slight slowdown
in production.
In terms of copper industry information, Chile's Teniente copper mine was shut down in an accident Copper production in the first quarter of this year was 93,900 tons
.
In the market, the quotation of spot 1# electrolytic copper was 46120-46250 yuan / ton, and the average price fell 370 yuan / ton
from the previous trading day.
SMM reported that the market was lower, the willingness of the holders to raise the water rise, the morning market quotation premium 60 ~ 110 yuan / ton, the morning market buying transaction positive, flat water copper premium 60 yuan / ton was quickly collected, so the holder raised the flat water copper quotation to 70-80 yuan / ton; The slight increase in downstream bargain hunting has increased market transaction activity, and traders and downstream have maintained a certain degree of
activity.
In terms of inventory, the total number of Shanghai copper warehouse receipts was 82,470 tons, a daily decrease of 1,434 tons; As of May 31, LME copper stocks were 212,000 tons, a weekly increase of 26,175 tons; As of the week ended May 31, the stock of copper cathode on the Shanghai Futures Exchange was 165439 tons, and the weekly construction was 6,827 tons, falling for 11 consecutive weeks to a new low
since the week of February 1.
The main 1907 contract of Shanghai copper continued to be weak during the day, with five consecutive negatives, but the decline narrowed
.
During the period, it touched a new low of 46110 yuan / ton in more than 10 months, effectively running below the moving average group, and some bears took profits to take support
.
During the period, the accident at the Teniente copper mine in Chile was shut down, and the US dollar index continued to weaken, which partially supported copper prices, but the remaining risk aversion in Sino-US trade negotiations made the copper price rebound weak
.
In the spot market, the market is lower, the willingness of holders to rise to the water rises, and the slight increase in downstream bargain hunting has increased the market transaction activity, and traders and downstream have maintained a certain degree of
activity.
It is expected that against the background of the uncertainty of Sino-US trade negotiations, the upward trend of short-term copper prices will not be easy, although the decline will ease.
Operationally, it is recommended that the short position of the Shanghai copper 1907 contract can take profits and wait and see for the time being
.
